| In the process of land conversion from farmland to urban construction land,the land value has increased greatly.But in fact,the interest distribution among stakeholders is seriously unfair,which causes a series of social conflicts.Farmers(collectives)are at the bottom of the interest hierarchy,and only acquire the economic revenue of agricultural land.The government captures the land incremental value from land transfer revenue and related land taxes.But as the provider of public infrastructure and services,does not capture the land incremental value caused by the external effects of public services and infrastructure.Most of the land incremental value is obtained by the developers,much greater than the normal return on the investment.In addition,the government generally provides large number of funds on infrastructure,and the infrastructure cons truction often takes a long time for investment recovery because of its long construction period,which brings huge pressure on government finances.Therefore,it is necessary to explore the process of land value creation by value creators including the farmers(collectives),the government and the developers,and propose land value capture mechanism,so that balance the trade-offs among keeping stable economic,equal share the benefits of rural-urban land conversion among stakeholders and addressing the local fiscal dilemma associated with the provision of public goods and infrastructure.Based on above objectives,this paper sheds the light on the process and spatial regularity of land value creation by value creators from the perspectives of individual,community,town and district analysis,and parcel,spatial connectivity and combination state of parcels,community and town scales during rural-urban land conversion from farmland to industrial,commercial,residential and infrastructure uses.Then the land value capture mechanisms are proposed,and empirical analysis and scenario simulation are carried out.The specific research contents and conclusions are as follows:First,this paper explored the process of land value creation by value creators including the farmers(collectives),the local government and the developers from perspectives of individual,community,town and district analysis,during rural-urban land conversion from farmland to industrial,commercial,residential and infrastructure uses.Taking the suburban areas in Wuhan City as the study area,the land value has increased during different phases of rural-urban land conversion.The land incremental value of residential and commercial land is much higher than that of industrial and public land.The states of benefit distribution among stakeholders of different parcels are similar,that is,the farmers(collectives)are at the bottom of interest hierarchy,followed by the government and developers.Vertically,from the community,town to district analysis,as more different types of plots and related stakeholders are embedded,the land value creation and benefit distribution among stakeholders are different.And the difference of land value creation and benefit distribution among samples from low to high analysis level are narrowed.Second,the spatial regularity of parcels,the spatial connectivity of parcels,the spatial spillover effects of land value at the level of parcel,community and town were studied.(1)The method of hot spot analysis,index function legality and hedonic price model were adopted to explore the spatial characteristics of the land value of profit and non-profit construction land parcels.The results show that the land value of profit construction land,such as residential,commercial and industry land are presented obvious distance-decay law,while the infrastructure land value has not shown a certain spatial pattern.In addition,the attenuation rate of commercial and residential land is significantly faster than that of industrial land.The maximum attenuation speed of the residential and industrial land with distance is both within the distance range of 40-50km from the city center,while the commercial land price only suddenly falls within 30-40km,but does not change significantly in other distance intervals.(2)We conducted an empirical study on the impacts of Wuhan Wujiashan Industrial Park on the price of surrounding houses.The results show that the existence of an industrial park does have a negative impact on nearby housing prices,but this effect presents a pattern of distance decay,which weakens at about 1.5km away.(3)The spatial autocorrelation test and spatial lag model were constructed to explore the spatial autocorrelation and spatial spillover effects of land value at the level of the parcel,community and town.The results show that the land value at different scales have both shown obvious and positive spatial autocorrelation,and the spatial aggregation characteristic of land prices is the most obvious at the parcel scale.We can see from the results of spatial lag model that the spatial spillover effect of land price has a significant spatial scale effect,that is,it gradually weakens from low to high scale(land parcel scalecommunity scale-town scale),and even becomes insignificant at the town scale.Finally,the land value capture mechanisms were proposed,and empirical analysis and scenario simulation were carried out.(1)Aiming at the land value increment caused by the positive externalities of government or public behaviors such as economic development,improvement of surrounding infrastructure and public service,and land use changes in the process of rural-urban land conversion,we proposed the land value capture mechanism in the form of taxation including the land value increment tax levied from land investors at the stage of real estate development and sales,and the real estate tax,as one of property taxes,levied from the property holders at the property holding stage.On the basis of the current land value increment tax system,we adjusted the tax base and simplified the tax rate.Under new land value increment tax mechanism,the government can capture more land incremental value.By raising the tax rate,a certain proportion of land transfer fee can be replaced by land value increment tax,so as to alleviate the over-reliance of local finance on land transfer revenue.In terms of the design of the real estate tax collection scheme,a new real estate tax is levied on individual non-profit housing,and the tax base for the current international or Chinese real estate market value or appraisal value was adjusted to the added value of the real estate market value.In terms of tax rate forms,the proportional tax rate,which is the most commonly used and easy-to-operate,was used.In terms of the estimation of tax rate,through comprehensive calculations at the macro and micro levels,the real estate tax rate in Wuhan can be set within 0.95%-10.82%,and the real estate tax is exempted for individual houses whose real estate value appreciation is less than 1.2%of the house price of that year.The real estate tax can be levied every year,and the tax rate standard can be reassessed every 3-5 years.On the basis of the reform of land value increment tax and real estate tax system,the sensitivity analysis of the proportion of land tax revenue in land transfer revenue to land tax system reform was analyzed.The results show that the reform of land value increment tax and real estate tax system will help the government to increase the fiscal revenue through the forms of taxation,and play a certain role in alleviating the local financial dependence on land transfer revenue.(2)Aiming at the negative external effects of land development activities after the rural-urban land conversion,a differentiated development impact fee payment mechanism was proposed.First,we should identify the spatial boundary of negative external effects,and determine the compensated areas,and then divide different compensation zones according to the spatial change law of negative externalities.Finally,the differentiated compensation fee is determined according to the amount of profit loss in different compensation zones. |
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