【英文标题】Fiscal Decentralization, Governmental Competition and Structural Deviation of Land Price
【文章日期】2011-1-11
【作 者】薛白
【作者简介】薛白(1985-),男,中国社会科学院研究生院,博士生,研究方向:资产价格波动与资产泡沫、ZF政策与公共管理,北京 100102
【内容提要】财政分权背景下地方ZF的财政约束和ZF竞争是导致土地价格结构性偏离的根本原因。地方ZF存在拉升商业用地和居住用地出让价格的倾向,金融宽松环境和投机行为盛行会使这两种土地出让价格存在正向偏离其理论地价的可能;而地方ZF对流动性税基的争夺过程会导致工业用地出让价格低于其理论价格。工业用地价格与商业和居住用地价格正是在ZF这两种反作用力量的作用下出现结构性偏离。
【摘 要 题】财政体制
【英文摘要】Structural deviation of the transfer prices exists between industrial land and commercial and residential land in China. After analyzing the relationship of transfer price and fundamental value of land, the paper holds that the structural deviation of land prices cannot be totally explained by market fundamental changes, but by financial constraints and intergovernmental competition under the institution of fiscal decentralization. Local governments may tend to pull up the prices of commercial land and residential land to ease the financial constraints. Under the environment of the relaxed financial environment and the prevalence of speculation, commercial land and residential land prices maybe have a positive deviation from their theoretical prices. However, the price of industrial land is lower than theoretical value because of the intergovernmental competition of tax base, leading to the efficiency decline of industrial land use. Based on these, structural deviation of the transfer prices exists and changes in the roles of two opposite forces of local government.
【关 键 词】财政约束/ZF竞争/土地出让/价格偏离
financial constraints/government competition/land transfer/price deviation