| The implementation of tax sharing system has increased the interest demands of local governments,and economic growth has gradually become a major goal of local governments.Land finance plays an important role in promoting economic development,with the increase of land revenue,local economic development utility level is also rising,but with the continuous expansion of the scale of land finance,housing prices gradually aroused the attention of the academic circles and the society,especially in recent years,the state-owned enterprises the most expensive land,to attract more the social media attention,and the relevant experts.Local state-owned enterprises to enter the real estate industry,and to participate in the private real estate enterprises and local real estate bidding,as compared to private housing prices,access to credit funds with low cost,so the housing land is mostly taken by the local state-owned enterprises,and is usually expensive film,land records are often refreshed,these the record price is called the most expensive land of state-owned enterprises.Under the target of economic growth,the local government encourages the development of real estate enterprises,and acquiescence to the local state-owned enterprises chasing land value-added benefits by creating land king,which leads to the collusion between government and enterprises.The operating mechanism of the market is this: in the local government given total land supply and land prices,state-owned enterprises and non state-owned enterprise sector respectively according to their market competition ability and funding conditions to calculate their optimal land demand and output level,and land market clearing,then the local government by selecting the total land supply to achieve target.In fact,under the government monopoly of land supply and the current land transfer system,large state-owned enterprises are more likely to occupy the land due to the strong capital strength and convenient financing conditions.Local governments and local state-owned enterprises have signed an implicit private contract: local governments have achieved achievements,while the economy has increased rapidly at a relatively low cost in the short term;local state-owned enterprises have increased profits because of cost saving.The central government is confronted with the choice of economic development and social stability when it comes to the phenomenon of "king of state enterprises",that is,to choose between conspiracy and conspiracy.On the one hand,due to the asymmetric information,the transfer of land use rights and the localization of rights,the central government can not fully grasp the real cost of local development,making the collusionbetween government and enterprises need to face the punishment is small enough.On the other hand,in the context of macroeconomic downturn,even if the collusion between government and enterprises promotes the rise of housing prices and the improvement of the level of social welfare,it is still beneficial to the increase of the central government’s utility level,so the central government will choose to acquiesce in collusion.In recent years,the land finance and the phenomenon of state owned enterprises constitute the important content of the rise of the price of the house.This paper tries to construct the influence mechanism of land finance,state owned land King phenomenon and housing price level,and uses stata software and dynamic generalized moment model to analyze 15 large and medium sized cities in China during the past 2009-2016 years.The main conclusions are as follows:(i)By combing the relationship between land transfer fee,real estate tax revenue and housing prices,we find that the high housing prices paid by residents are mainly caused by the government led land finance.(ii)under the macro background of economic downturn,it is difficult for local governments to maintain huge financial expenditure to make up for the shortage of revenue caused by the tax system.Land finance as the main source of local government financial resources,in the case of greater downward pressure on the economy,the government’s dependence on land finance will suddenly increase.(iii)In the whole sample regression,land finance and state-owned enterprises are the most expensive land at the 1% level significantly increased prices,expanding the scale of land finance to promote the level of house prices rose;state-owned enterprises the most expensive land phenomenon also has a positive impact on housing prices,the phenomenon of the most expensive land will push up prices,this shows that in the the statistical explanation of collusion on prices is quite strong.(iv)In the sample regression,we found that regardless of the city or the eastern Midwest City,land finance and state-owned enterprises were the most expensive land and housing prices have a positive effect,but the effect of land finance expansion of state-owned enterprises and the most expensive land expansion to the East and Midwest prices showed obvious regional bifurcation.(v)In the interaction analysis of land finance and state-owned enterprises the most expensive land phenomenon,state-owned enterprises found the most expensive land phenomenon of external shocks to the price level through the expansion mechanism,thereby increasing the housing prices.First of all,the current domestic academic research in the field of publicmanagement problems of the interaction of attention is not enough,the domestic use of this theory to study the real estate market is few,this paper uses this method can eliminate the endogeneity problem in the model generation,improve the estimation efficiency of the innovation on research method.Secondly,in view of the academic debate about the reality of the high prices pushed by the state-owned enterprises,the paper introduces the collusion analysis framework of the government and enterprises,and takes the main views of the land finance theory as the theoretical basis,and constructs a new comprehensive analysis framework.Finally,this paper finds out the relationship between land finance,housing prices and the state owned land owner,and puts forward relevant policy recommendations to alleviate the irrational rise of housing prices. |
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