土地财政和土地市场发育对城市房价的影响

在分析土地财政、土地市场发育以及两者交互作用对城市房价影响机理的基础上,采用2003-2017年282个地级市的面板数据和动态空间杜宾模型,实证检验土地财政、土地市场发育以及两者交互作用对城市房价的影响.考察了东中西部地区的异质性影响.研究结果表明:城市房价存在显著的空间溢出效应;土地财政和土地市场发育对房价的直接影响...

Impact of Land Finance and Land Market Development on Urban Housing Price

The purpose of this article is to empirically test the impact of land finance, land market development and the interaction between the two on urban housing prices. In addition, this article also investigates the heterogeneous effects of the eastern, central, and western regions. The research method is to first analyze the impact of land finance, land market development and the interaction of the two on urban housing prices, and propose the research hypotheses. Secondly, we use the Dynamic Spatial Dubin Model to test the hypothesis based on the panel data of 282 prefecture-level cities in China from 2003 to 2017. The results suggest that: There is a spatial spillover effect on urban housing prices; The direct impact and space spillover effects of land finance and land market development on housing prices are both significantly positive; The land market development plays a regulating role in the impact of land finance on housing prices, and strengthens the impact of land finance on housing prices; However, from the perspective of spatial spillover effects, the development of the land market has a negative regulatory effect on space, which has restrained the rise in housing prices; There are differences in the impact of land finance and land market development on housing prices in eastern, central, and western regions. In conclusion, the real estate market reform requires the cooperation of local fiscal system reform and land market reform.