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我国城镇土地价格与商品房价格之间关系的研究
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摘要
20年来,我国房地产市场的发展与快速的经济增长并步而行,已成为经济增长的一个重要引擎。然而,土地价格的飙升,商品房价格的骤涨却又如同难以驾驭的快骥,对房地产市场和整个宏观经济都形成了巨大的扭曲力量。分析房地产价格居高不下的深层原因,寻求房地产市场健康成长的路径,是理论上和实践中需要迫切解决的重要课题。
     目前,分析我国土地价格与商品房价格相互关系的研究已如汗牛充栋,但把土地出让制度作为重要因素分析房地产市场价格上涨深层原因的研究还属凤毛麟角。本文试图以我国现行城镇招标、拍卖、挂牌土地出让制度性背景为主轴,考察我国土地价格与商品房价格相互推动的深层关系,揭示我国土地价格和商品房价格在“土地财政”和政府行为的推波助澜下不断攀升的内在机制。
     围绕上述主旨,本文拟努力完成如下研究目标:1、理清地价与房价之间相互作用的因果关系;2、从新建住房供给弹性角度,明确土地价格对房价的影响程度;3、探求招标、拍卖、挂牌土地出让制度对房价的推动作用;4、从“土地财政”角度挖掘地价和房价过高的深层次原因;5、通过借鉴国外发达国家房地产市场的发展经验,为我国房地产市场的发展提供有价值的参考;6、通过政策干预模型分析限购政策对房价的影响,并预测我国房价的发展走势。
     为了实现上述目标,本文遵循“理论模型与实证分析相结合”、“规范分析与实证分析相呼应”、“微观分析与宏观分析相融合”等原则,借鉴国内外土地与房价决定的相关理论,构建了“房地产市场投资的Q理论模型”、“土地出让信号模型”、“政府多重目标下三部门房地产市场均衡模型”。运用格兰杰非因果关系检验、时间序列模型、误差修正模型、动态面板模型、干预模型等计量经济学实证检验方法,利用已经获得的微观数据和宏观数据,实证分析了我国土地价格和商品房价以及二者之间的变动关系。
     本文的研究主要有如下结论:
     第一,笔者认为,在我国特殊的土地供给制度下,土地价格的升高或降低是引起房价上涨或下降的主要因素,而土地价格与房价之间的因果关系并不对称,土地价格不管是在短期还是在长期,都是引起房价上涨的主要原因之一,但房价只在短期内对地价有影响。误差修正模型显示,房价和地价在上涨过程中都有一定的自我稳定功能,但地价回复到长期均衡水平的拉力较大,能较快的回复到均衡水平,房价回复到均衡水平的速度相对较慢,并存在区域差异。
     第二,笔者认为,开发商新建住房的行为为投资行为,是否增加投资可以借鉴托宾Q理论,以此为理论切入点,分析住房供给弹性、土地价格和房价的变化之间的动态变动关系。发现土地价格的波动加剧了房价的波动,新建住房供给对需求冲击的反应越迅速,可以平抑房价的波动。通过模拟,对比在给定住房需求冲击下,不同的住房供给弹性、不同的土地价格变动对房价的影响程度:住房需求突然增加1%,若在土地价格保持不变,引起房价上涨1.9%;若土地价格发生变动,引起房价上涨2.12%,所以土地价格的变动加剧了房价的波动,使房价波动幅度增加0.22%的波动幅度。
     第三,笔者认为土地招标、拍卖、挂牌交易是我国土地出让的制度基础,在这种交易方式下,土地交易信息公开程度高,是政府传递政策意图和调整房地产走势的重要窗口,土地交易信息极易形成土地出让价格信号,作为房价上涨的信息源,引起房价上涨。价格发现理论为研究招标、拍卖、挂牌的土地方式对房价的影响提供了新的方法。
     第四,笔者认为,地方政府的财政缺口和晋升激励是地方政府对土地出让收入依赖的原动力,地方政府对土地财政的依赖是引起地价和房价升高的根本症结,这一症结的形成,是我国房地产市场良好的发展势头、开发商对利润的追逐、地方政府行为共同作用的结果。我国土地价格和房价不断走高的最根本原因是开发商和地方政府在实现自身多目标下选择的结果。
     本文可能的创新在于:
     (1)本文尝试将金融市场中的价格发现理论引入到对土地价格和商品房价影响的研究中,在通过拍卖等方式进行交易土地时,把土地出让价格作为信号源,传递到房地产市场影响房价。从而找到一个较新的视角来解释土价对房价的影响。
     (2)将我国现行招标、拍卖、挂牌的土地出让作为一种制度性因素,考察其对土地价格和商品房价的影响。从制度因素考察我国房地产价格居高不下的深层原因做了有益的探索。特别是,在有关招﹑拍﹑挂土地出让制度对房地产价格作用的既有论着中,多采用定性分析,较少定量分析。本文运用“土地出让信号模型”、“政府多重目标下三部门房地产市场均衡模型”。对300个微观楼盘数据,系统的对招拍挂对房价的影响进行了定量研究。
     (3)将政策干预模型运用到对我国房地产市场新出现的“限购令”的研究上,尝试性的定量分析了限购政策对房价的影响,并运用到对未来房价走势的预测中。
     由于数据、时间的限制,及笔者科研能力有限,本文尚存在诸多不足和纰漏:
     (1)笔者虽然用“土地出让信号”对房价的影响做了尝试性的研究,但还不够深入和系统。例如,笔者在研究中发现,土地价格的上升对房价的影响和土地价格下降对房价的影响具有不对称性,但由于数据和时间的限制,无法搜集到负向土地价格信号的数据。在以后的研究中会更深入的研究价格发现理论,对影响的非对称性和影响的区域性进行进一步的研究。
     (2)本文研究的主题是土地出让制度对地价和商品房价的作用,及土地价格与商品房价的相互关系。不可避免地要涉及到房地产市场的金融属性。但由于篇幅和方法所限,对这个问题仅作为本文分析的既定前提,而没有深入分析,只能留待今后继续进行研究。
The past20years, the development of China's real estate market and China'srapid economic growth have the same step, China's real estate become an importantengine of economic growth in China. However, the soaring of land prices, thesudden rise of housing prices formed a great hinder force to he real estate market andoverall macroeconomic. Analyze the underlying causes of high real estate prices,seek the path of healthy growth of the real estate market is an important issue needsto be urgently addressed in the theory and practice.
     At present, the analysis of real estate prices, land prices and the relationshipbetween housing prices is very rich, but Analyze the land transfer system as animportant factor in the real estate market prices of underlying causes was still a rare.In this paper, the effect the current town land transfer system on the land prices andhousing prices as the main study. Study the deep relationship between land prices,housing prices,"land finance", reveal the internal mechanism of land prices and highrising housing prices.
     Around this central theme, the paper tried to complete the following researchobjectives: frist, clarify the causal relationship between land prices and housingprices; second, from the view of new housing supply elasticity, clearly the extent ofthe land price on housing price; thrid, explore the tender, auction, listing on theimpetus of the land transfer system on house prices; fourth, from the perspective of"land finance" mining the deep-seated reasons why land and housing prices are toohigh? by learning form the experience of the development of the real estate market indeveloped countries, provide a valuable reference for the development of China'sreal estate market; at last, through policy intervention model to analyze the policy ofthe purchase prices, and forecast the trend of China's housing prices.
     In order to achieve these objectives, the paper follows “the combine of thetheoretical model and empirical analysis”,“specification analysis and empiricalanalysis”,"micro analysis and macro analysis”. Learn on theories of domestic and international land and housing.build the "Q theoretical model of the real estatemarket investment," land-signal model, the multiple objectives of the threedepartments real estate market equilibrium model. Use the Granger causality test, thetime series model, the error correction model, the dynamic panel data model,intervention models and econometric empirical test methods, the use of micro dataand macro data, empirical analysis of land prices and housing prices in relationsbetween the two variables.
     This papar have the following conclusions:
     Frist, I believe under that our special land supply system, the increasing anddecreasing of land prices caused housing prices changing up and down, a causalrelationship between land prices and housing prices are not symmetrical, the price ofland whether in the short term or long-term, are caused by housing prices, buthousing prices are only in the short term impact on land prices. Error correctionmodel shows that in the process of rising house prices and land prices have a certaindegree of self-stabilization, but the premiumof land prices back to the larger long-runequilibrium level of tension, faster return to the equilibrium level, housing pricesrevert to the equilibrium level of speed relatively slow, and there are regionaldifferences.
     Second, I believe that the behavior of new housing development is theinvestment behavior. Weather increased investment can learn from the Tobin's Qtheory, to analyze the dynamic relationship changes between the new housing supplyelasticity, the price of land and housing prices. Found that land price fluctuationsreinforce the volatility of the housing price, the supply of new house response todemand shocks more quickly, housing prices can more stabilize. Through simulation,the comparison under the given the impact of housing demand, housing supplyelasticity of land price changes impact on house prices: housing demand suddenlyincreased by one percent, if land prices remain unchanged, causing house prices rose1.9%, if land price changes, causing housing prices rose2.12%.so the changing ofland prices has exacerbated housing prices fluctuations, housing prices fluctuationsincreasing at0.22%.
     Third, I believe that the land tender, auction, listing as the basis of China's land system in such transactions, information on land transactions is perfect, informationdisclosure is an important window for the government to pass the policy intentionsand the real estate trend, land transactions information can easily form a land pricesignals, as a source of information on housing prices cause housing prices. Pricediscovery theory for bidding, auction, listing land impact on house prices provides anew method.
     Fourth, the author believes that the local government's fiscal gap and promotionincentives to local government caused the local government dependent on the landtransfer income.it is the driving force behind local government.land financialdependence is the root cause for land and housing prices rising.it is because of thegood development of China's real estate market, the developer of the pursuit of profit,the result of the role of local government behavior. The most fundamental reasonwhy China's land prices and housing prices continue to rise is the selecteddevelopers and local governments in achieving their own objectives.
     This article may have the following innovation:
     (1) This paper attempts to price discovery theory in financial markets isintroduced to the study on the impact of land prices and housing prices, the landtrading by auction, etc., as a signal, delivered information to the Real Estate Market.Found a new perspective to explain the land price impact on house prices.
     (2) The land saled on bidding, auction, listing as an institutional factor, Studyits impact on land prices and housing prices. Made a useful exploration on examinethe underlying causes of high real estate prices from the Institutional factors.Inparticular,In previous reaserch on the land transfer system, both on the role of real estate pricesin the relevant auction in the use of qualitative analysis, quantitative analysis is less.In this paper, the "land-signal model”,“the real estate market of the threedepartments under the Government's multiple objectives equilibriummodel”.Quantitative study of300micro real estate data, study the effect on housingprices.
     (3) Using policy intervention model in research the “restriction on the purchaseof housing,” attempting to quantitative analysis on the purchase of the policy impact on housing prices, and applied to the future housing price movements projections.
     The constraints on Data, time and the research capacity, there are still manydeficiencies and leakages, mainly as follows:
     (1) I try to study the impact on house prices using the price signal thoery, butnot deep enough and the system. For example, I found in the study, the rise in landprices impact on house prices and land prices fell with asymmetric impact on houseprices, but due to the data and time constraints, the negative signal to the land pricedata can not be collected. Future research will be more in-depth theory of pricediscovery, the asymmetry and the impact of regional impact for further research.
     (2) The subject of this study is the role of the land transfer system, and therelationship between land prices and housing prices. It will inevitably be related tothe financial property of the real estate market. Constraints because of the length andmethods of analysis on this issue, but there is no analysis in depth, I will continue thestudy in future.
引文
1此房地产的概念引自曲福田《土地经济学》,中国农业出版社,第三版,第13页。
    2引自毕德宝着,中国人民大学出版社出版的《土地经济学》(第六版)关于房地产的定义。
    3现在很多房地产开发商不直接销售房屋,而是委托专门的房地产销售公司销售其建成的商品房。
    4引自毕德宝着,中国人民大学出版社出版的《土地经济学》(第六版)关于房地产的定义。
    5引自威廉·配第《赋税论、献给英明人士、货币略论》第40页,北京印书馆,1963年版。
    6引自威廉·配第《赋税论、献给英明人士、货币略论》第40页,北京印书馆,1963年版。
    7引自亚当·斯密《国民财富的性质和原因的研究》(上卷),138页,北京商务印书馆2005年版。
    8引自亚当·斯密《国民财富的性质和原因的研究》(上卷),55页,北京商务印书馆2005年版。
    9引自马克思恩格斯全集第46卷716页,北京人民出版社2003年版。
    10自马克思恩格斯全集第46卷,北京人民出版社2003年版。
    19数据来源:历年《中国土地资源年鉴》。
    20数据来源于历年《中国土地资源年鉴》
    21数据来源:中国指数研究院,2011年土地交易报告。
    22数据来源:2003年到2009年《中国土地资源年鉴》,相应比例计算而得。
    23资源来源:《中国经济景气月报》整理而来。
    24数据来源:历年《中国统计年鉴》。
    25引自:2002年5月9号我国国土资源部发布的《招标、拍卖、挂牌出让国有土地使用权的规定》。
    26数据来源:历年《中国统计年鉴》和中经网数据库。
    31资料来源:王志浩,地方政府的投资竞赛,新财富,2009年02月10日。
    34数据来源:每月《中国经济统计快报》。
    35数据来源:国研网数据库。
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