An Analysis Of The Impact Of The Ways Of Land Transfer On The Land Price

In the field of Chinese remising-land market, administrative allocation andagreement are adopted before2001; since2004, our country has gradually introducedthree ways of land transfer into the land market, that is to say—“Bidding, Auction andListing”. With the perfection of the land system,which is called “the Sunshine Policy”,“highest bidder” has become an important rule in obtaining the land use right. Thus,this prompts the development of China’s urban land market; what’s more, land dealsare more openness and transparency. However, this leads to the government’s “landfiscal impulse” and the high premium in the process of the land buying. From theperspective of the micro factors affecting residential land price, the thesis deeplyanalyzes the current situation, problem and root-cause between the ways of landtransfer and the land price since August31,2004nationwide; and puts forward thetargeted policy suggestions. It is of significance for the application of Auction Theory,the perfection of the land system, as well as the stabilization of land price.In recent years, the soaring land price in the land market is ultimately put down tothe land system (“Bidding, Auction and Listing”). The paper takes this as point, andthrough the theoretical analysis method and the empirical research method, itresearches on the residential land sold in the ways of “Bidding, Auction and Listing”from August31,2004to August31,2012, covering7666land parcels’ tradeinformation about49cities nationwide. The analysis structure consists of three mainparts: analysis of Auction Theory, analysis of the land’s influencing factors andanalysis of the empirical regression, and they are discussed in depth.First, the article details China’s land transfer system, and clarifies the differencesamong “Bidding, Auction and Listing”. In the following, there is an introduction ofrelated theories through normative analysis method in the article, and then the articlestudies the diversity of the land prices that these three different ways of land transferproduce in the frame of Auction Theory; then, in the article, the housing hedonic pricemodel between the ways of land transfer and land price is respectively set up fromthree aspects as follows: location factor, neighborhood factor and block factor, mainlyby analyzing the micro factors affecting residential land price; last, the article utilizes49cities’ cross-section data of residential land and makes an analysis. In the section, the regression result solves the problems: whether there are price differences acrossauction types or not; and explores why there are price differences.Combining the analysis above, the thesis points out there are mainly three aspectsin terms of the price differences across different ways of land transfer, namely, theland-based fiscal behavior from the local officials, corrupt motivation in the landmarket operation, and the land transfer system itself. And then, this thesis makescorresponding policy advice accordingly, thus providing a reference for the reasonableland selling policy set out by governments and the land market regulated effectively byofficials, as well as contributing to guiding the market participants to make rationalland biding decision.