Study On Capitalized Operating Of State Owned Land

State owned land operation is an important research subject. The existing research is basically based on the improvement of the existent land reservation system. Some researches are about the improvement of the detail operating tech of the land reserve institute, eg. how to finance enough fund, how to ascertain the quantity of land reserve; Other researches tried to improve the marketization degree of land operating organizations, eg. establishing land assets corporate ect. But a prime problem dose not be solved in the existing researches, namely operational and non-operational land do not be operated by different organizations, so the marketization operating of the operational State owned land can not come true in deed, and the commonweal objective of the non-operational State owned land can not be actualized yet.In this paper, the state owned land are divided into operational and non-operational parts based on the state finance theory and the principal and fund Segregating theory, and the non-operational lands are operated by commonweal organizations without profit objective, at the same time the operational land assets are operated by organizations with profit objective. Then a capitalizing operation system for the operational land assets are designed, further more the primary problems are studied here, and the corresponding operating projects are offered.The paper is organized as follows: Firstly the concepts of land capital, land capitalization and state owned land capitalizing operation are expounded, then the process and regulations of state owned land capital movement are described, which offer the theory sustaining for state owned land capitalizing operation; Secondly the necessity and feasibility of state owned land capitalizing operation are discussed from the aspects of optimizing land resource distribution, the relationship between house price and land price, sustainable economic development etc; Then a state owned land capitalization operating system are designed based on the theory of principal and fund Segregating; Fourthly the prime financial problem of the fund financing ,pricing and income distribution in the process of state owned land capitalizing operation are discussed, further more the corresponding measures are offered; Lastly the prime and hotspot problems in capitalization operating of stock land and incremental land are discussed ,and feasibility schemes are offered.The paper consists of six chapters, the prime contents and viewpoints proceed as follows:Chapter 1 is about the land capital and state owned land capitalizing operation. It presents the theoretical base of the whole paper.Chapter 2 inquires into the economic effect of state owned land capitalizing operation. State owned capitalizing operation is a effectual land marketization distribution mode, which can help optimize state owned land distribution. Empirical tests, eg. impulse response function and Granger Causality test etc. are used here, and we find that house price and land price interact each other to a certain extent, but we can not get a certain causality between house price and land price.Chaper 3 analyses the state owned land capitalization operating design. under the state finance theory and the principal and fund segregating theory,the State owned land should be divided into operational and non-operational parts, then the non-operational land assets are operated by commonweal organizations without profit objective, at the same time the operational land assets are operated by organizations with profit objective.Chapter 4 analyses the operating mode of state owned land capitalization. The keystone of State owned land capitalizing operation is stock land operation but not farm requisition , and the state owned land capitalizing operation organizations are market entity ,so only market mode should be adopted in getting operating land , then the evicted benefit is protected.Chaper 5 inquires into the financial problems of state owned land capitalizing operation. The financial problems, eg. fund financial and land pricing etc. are discussed here and corresponding measures are offered.Chapter 6 concludes , and bring forward follow-up research subjects.Innovations of this paper :(1) categorize the state owned land according to its economic nature.(2) a capitalization operating system of state owned land are designed base on the state finance theory and the principal and fund Segregating theory.(3) for the first time ,impulse response function are used in ascertaining the relationship between the house price and land price.(4) state owned land capitalization movement is divided into several stages ,and the feature of each stage is described, moreover the process and regulations of state owned land capitalization movement are clarified.(5) the profound causes of existing problem in state owned land management and supervising anatomized, corresponding policy proposals are advanced.