“地票”交易:模式演进和体制内要素组合的优化

Land Securities Exchange:Evolution of Institution and Combination of Elements

地价是市场经济条件下价格体系的核心,价格传导效应比资本利率和工资率更显著。地权市场滞后导致的要素价格扭曲使中国经济长期处于低水平扩张的产业低谷。农村集体建设用地"经营性"地权的市场化流转由于受土地固定区位空间的限制,难以形成要素集聚和产业协同优势,更面临着城乡规划冲突、产权冲突和城乡土地价格双轨制下福利和利益分配的损失。"地票"交易是基于城市土地国有产权的基本制度框架,以稀缺性的建设用地指标为交易对象,将集体资产嵌入国有土地的定价体系,通过"资产性"地权交易在集体资产价值获得实现的同时,实现了城乡建设用地实物资产的增减挂钩、要素的优化组合和产业的集聚。"地票"交易在实践运行中的绩效显著并在不断地进行制度演化。这种土地和产业的要素组合模式,不仅能降低集体建设用地体制外流转的成本和制度风险,还能通过地价升值抑制盲目投资和国际直接投资规模,调节宏观经济贸易和资本项目的双失衡,实现经济的可持续发展。

In the market-oriented economy, the land price plays a fundamental role in the total price system. The lagging development in the land property market results in the distortion of elements prices, which are the main reason of the Chinese extensive economic growth mode. On the control of the law and the macro-policy strictly, the rural land transfer is not only inefficient, but also lead to the failure of the macro-control and unsustainable development of economy. However, land securities exchange can effectively optimize the structure of demand of rural and urban land and achieve the new combination of elements that help to decrease the risk of transfer of land out of original system, that moreover save the land.