Research On The Impact Of "land Finance" On Changes In Commodity Housing Prices

Since 1998 housing system reform in China's real estate market into a prosperous development stage.The issue of "house",which concerns the Chinese people's happiness and social harmony and stability,has gradually become the focus of society.In this paper,the system combs the government economic behavior,based on the literature review of the influence factors of real estate price,the cause of land finance and the influence of land finance on house price,the paper makes use of the research method of theory analysis,mathematical model and empirical analysis,and takes local government as "economic person" from the angle of financial incentive and promotion incentive of land finance.hypothesis,according to the intrinsic motivation of government behavior,the paper studies the relationship between land finance and commercial housing price and draws a policy revelation on the basis of research conclusion.This paper analyzes the internal reasons of land finance from the different angles of China's unique principal-land system,tax-sharing reform and fiscal decentralization,as well as the incentive effect of local officials'promotion.On the basis of detailed analysis of the causes of land finance,the paper analyses the intrinsic mechanism of land finance affecting real estate price and analyses the theoretical and mathematical models and puts forward the research hypothesis.Based on the theoretical analysis of the proposed research hypothesis,the establishment of empirical models.Using the panel data from the 31 provinces and municipalities in China from 2007 to 2014 and based on the previous study on the factors of house price,this paper considers the fundamental information and the control variables expected to be the empirical model and analyzes the static panel and the dynamic panel.Secondly,considering the definition of land finance from different angles,the paper studies the influence of land finance on the price of commercial housing according to the three kinds of land finance indexes in the theoretical analysis,and obtains the conclusion that the land finance has a more complete impact on house prices.Under the system of recruiting and photographing,the developer obtains the space of the land use right by the rent-seeking activities,and the local government can realize the maximization of the land transfer profit by virtue of its natural monopoly on the land.Local government can influence the real estate market by restricting the amount of land supply and controlling the land by two means.From the empirical analysis,no matter what kind of land fiscal indicators to measure the land finance,the regression results are similar.Land finance has a significant positive impact on house prices,but the impact is small,ranging from 0.0286 to 0.0471.The land finance,which is measured by land transfer,has the biggest influence on the house price,and the land finance has the least influence on the house price by the ratio of land transfer to the local government's fiscal revenue by 0.0286.