The consolidation of municipal districts is a momentous change in administrative divisions, which are formulated by municipal governments to optimize the layout of urban functions and coordinate regional development. How the consolidation of municipal districts affects property values in relevant areas has yet to be empirically tested. Using resold property transaction micro-data, this study empirically explores the impact of the consolidation of Jing'an and Zhabei districts in Shanghai on the property values via boundary difference-in-difference estimation. Empirical results show that, during the sample period, i) the overall property values in the consolidated region increased by 1.6% after the consolidation, ii) the consolidation increased property values by 4.8% in the less developed Zhabei but had no significant impact on the property values in the more developed Jing'an, and iii) the consolidation had an expanding impact on the property values in Zhabei district over time.

市政区的合并是行政区划的重大变化，行政区划由市政府制定，旨在优化城市功能布局并协调区域发展。市政区的合并如何影响相关地区的房地产价值尚待实证检验。利用转售的房地产交易微观数据，本研究通过边界差异估计，从经验上探讨了上海静安区和闸北区合并对房地产价值的影响。实证结果表明，在样本期内，i）合并后合并区域的整体财产价值增加了​​1.6 ％，ii）合并后财产增加了4.8 ％ 在较不发达的闸北，但对较不发达的静安的房地产价值没有重大影响； iii）随着时间的推移，合并对闸北区的房地产价值产生了越来越大的影响。