土地二次开发中政府分享土地增值收益研究

Government-shared land increment income in the process of land redevelopment

土地二次开发是城镇化稳步推进的重要组成部分,土地增值收益分配是土地二次开发的制度核心。本研究基于实物期权理论和案例分析法探讨土地二次开发中政府分享土地增值收益测算方法,考察土地二次开发中政府分享土地增值收益机制。研究结果表明,历史房产价值的大小和波动程度,以及未来土地开发动态风险对于政府分享土地增值预期收益有较大影响,土地二次开发后的土地规划用途是影响政府分享土地增值水平的重要因素。研究发现,实物期权理论能够捕捉土地二次开发生命期内不确定性的动态变化,据此构建的实物期权模型对土地二次开发中土地增值收益测算具有良好的适用性和应用性。

Land redevelopment is an indispensable part of urbanization,and its core system is the distribution of land value increment income. The government's share of land value increment income contains managerial flexibility and strategic value. The purpose of this paper is to calculate government-shared land increment income in land redevelopment and explain its generation mechanism. Methods employed include real options theory and case analysis. The results show that real option theory can capture diversified and uncertain dynamic changes during the lifetime of land redevelopment effectively,the improved real option model can make up the leakage of land value increment caused by disconnection of option value and land use planning. The model based on the real option theory is applicable and practicable for the calculation of land increment income in land redevelopment. The size and volatility of housing historical value and dynamic risk in future land development all have a large influence on the expectation of government-shared land increment income. The land use planning after land redevelopment is an important factor affecting government-shared land increment income. We conclude that government can grasp the distribution pattern of land value increment income by fully coordinating various stakeholders' share proportion of land value increment income,through ways such as selecting the site of land development,adjusting land planning policy,and updating land compensation standards. At the same time,with social,ecological and environmental values unceasingly highlighted and valued,realizing the government's share of optimal compound option value during land redevelopment,including society,economy,ecology,and environment,needs further research.