“批租制”下中国地产投资价值研究

A Study on the Investment Value of China's Land under Land-on-Lease System

本文从理论上探讨了中国批租制度下的地产投资价值问题。研究表明,地产是一种金融资产,具有投资增值特性,其内在价值取决于GDP发展水平。在中国现行土地所有权与使用权相分离的国情下,对于土地使用者而言,地产的投资价值要远小于地产的内在价值,地产不具有金融资产的特性;土地的剩余使用年限是决定地产投资价值的重要因素,地产投资价值随着土地使用期限的临近而呈现递减趋势。

This paper focuses on the investment value of China＇s land on lease system. The study reveals that land possesses the characters of financial asset, and the development of macro economy is the prime factor affecting the land intrinsic value. But in China, to the land leaseholder, the land investment value is less than the land intrinsic value, and the land does not possess the characteristic of financial asset on the system of separation between land ownership and land-lease right. With such system, the remaining land-lease period is the major factor determining the land investment value, and the land investment value will decrease with the approaching of the expiration date.