Study On Urbanland Supply Institution Of Real Estate Development

The development of city must be founded on the reseaonable land supply. With the rapid economic growth and the process of urbanization, the urbanland demand is increasing continuously. After reformation of the urbanland compensated use system, the urbanland has three attributes of resource, property, asset. Local governments are regarding the urbanland for real estate development as the largest source of financial revenue.Land resource is not the relationship between humans and things, but interpersonal relationship. Urbanland Supply system (USS) is the reflection of political institution and economic policy about land management.In supply-demand relationship of urbanland,there are more interest subjects, they have game relationship such as bargaining,administration,principal-agency. Based on the state-owned property right institution,not only is the government the adiministrator of urbanland system but also the supplier of urbanland. The government not only monopolies the primary land market(PLM) for maximization of self-interests as Economic Man, but also realizes the maximization of social public interests and social output as Social Man. The USS involves in the government land profit, as well a series of social problems, such as efficiency and benefit, macro-control, income distribution, social welfare and social justice.Centered on the USS-subject behavior- system effective, a comprehensive and systematic analysis for USI is gived base on the fundamental theory of New Institution Economics (NIE) and referencing literature data about other relevant subject. Then, the performance of USS is evaluated, and the policy suggestions how to improve the USS is proposed.The contents of the dissertation can be divided into six parts as follows:1.BackgroundThe first part (introduction) includes investigation background, development of relevant researches, investigation methods, contents and innovations.2.Research on TheoryAfter a brief analysis on fundamental concepts of NIE, a theoretical framework of institution-behavior-performance is advanced, then the theoretical tools about institution analysis, including transaction cost theory, property right theory, state theory and institution change theory is reviewed.3. Analysis on land supply system and land propertyA systematic USS including the institution environment, institution arrangement and institution implementation mechanism is proposed in this part. The essence of USS is property right system, which function is to restrain and inspire the behavior of interest groups. From the perspective of land development right, the four models about definition of property rights are discussed. Through establishing of bargaining model, the transaction cost of the different property rights is analyzed comparatively.4. Analysis of government monopoly system and market granting systemIn this part, we mainly investigate government behavior on the performance of government monopoly system. The government monopolies the supply of urbanland, which can lead to enterprization and marketization of government behavior, thus government has a conflict on Economic Man and Social Man. In order to realize the economic development of the local government and the official promotion, the local government has the game relationship between house's owners, central government and other local government. The government behavior will lead to Government Failure, such as decreasing the efficiency and benefit of resource allocation, social welfare and social justice.Adopting the auction theory of economics, the market granting system includes the effect of government behavior on auction profit factors. Under the different granting conditions such as bidding, auction, listing and approved selling, the government performance is analyzed comparatively. An emphasis is played on the effect of bidding-auction-listing system on the real estate market structure, developer conduct and market performance. Based on the different mechanism, the market performance on real estate will be differentiated into two parts, and is empirically analyzed and stated.5. System Change and System EvaluationResearching on different stages: characteristics, transformation power and path dependence in the course of the institutional change, it is found that our system change is difficult to realize Parato Improvement. From system change point of view, the main purpose of this part is to give a conclusion on comprehensive evaluation and special evaluation about system performance as example of Beijing through Principal Component Analysis (PCA).6. Experience Reference and ImprovementBased on the similar to property right system, HK's USS has more reference meaning to our USS. Analysis of HK's USS, it is found that the HK's USS is related to the low tax rate economic system because of the resource endowmen constraints, so the system performance is high land price, high welfare, combination with stock and real estate. At last, the detailed measures on improving our USS from system compatibility, system conjunction and system coordination are proposed.