Research On The Impact Of The Central Housing Prices Control On Local Financial Revenue

Research shows that since the tax reform in the year1994, financial resources gradually concentrate on the central government, and the local governments bear more pressure. Compared with the central government, the financial resources the local governments own is gradually declining, while its expenditure responsibility is increasing. Besides, the central fiscal transfer payment to the local government can-not meet the local financial revenue and expenditure gap, wherein the asymmetry between property rights and powers emerge, so that the local governments have to find ways to use their own resources to expand revenue. With rapid development of China’s real estate industry in recent years, and its role in the local economy in our country becoming more significant, the real estate industry has become a pillar industry of our country, and real estate-related taxes and land transfer payments account for an increasing proportion. In the meantime, there have been a lot of problems in the real estate industry-the high proportion of speculation, high rising speed of housing prices. Under such background, the central government began to introduce relevant policies since2003, hoping to curb the excessive growth. However, data have shown that the central control price has little effect. Many opinions in the academic circle indicate that under the "GDP" performance evaluation standards, in order to alleviate the local debt, out of the consideration of the increased local revenue, the local governments involves themselves in the real estate market, which leads to the possibility of housing prices rising. However, will the central control price has a significant impact on local governments? How should local governments treat the development of real estate rationally? In order to rationalize the structure of local revenue, and regulate the real estate market, further study of these problems is needed.The main contents of this paper are:Firstly, based on the questions the thesis has puts forward and its significance, this thesis has reviewed and combed certain researches by scholars in real estate and fiscal revenue both home and abroad, and then develop by proposing research ideas, methods, content, conclusions and technology roadmap, innovation and deficiencies.Secondly, this thesis defines the concepts of housing price, real estate and local fiscal revenue, analyzes the correlation of real estate and local fiscal revenue, and introduces the central government introduced policies to control prices.Furthermore, the thesis analyzes the central control prices affecting local fiscal revenue, analyzing the impact of the central regulation on the price of real estate, and then analyzing the impact of local fiscal revenue by the real estate, thus proposing the effect of central control prices on local fiscal revenue. The thesis theoretically clarifies how the central control price affect local fiscal revenue, and. proposes hypothesis as well.Then, this thesis selects provinces, municipalities and autonomous regions altogether30as a reference object, and uses statal2.0software application both holistically and regionally, after a more detailed analysis of the current situation and the characteristics of the local revenue of the real estate market in the country, to examine the assumptions in the overall and regional aspects.Finally, the thesis presents its conclusions and recommendations.On the basis of the relevant documents and the impact analysis, through empirical analysis, the thesis makes following conclusions:(1) Rate of tax on real estate and related industries has a positive influence.(2) Rates on the land premium have a positive influence. And compared with the real estate industry and its associated tax, rates have a more significant impact on land transfer.