中国财政支出资本化与房地产价格

Capitalization of China's Financial Spending and Real Estate Price

本文利用我国30个省市自治区1999—2008年间的面板数据研究了财政支出资本化问题,重点分析了商品房平均销售价格与财政支出水平之间的变动关系。实证结果表明,我国的地方财政支出与房地产价格呈正相关关系,地方财政支出对房价有明显的促进作用。各个地区持续高水平的财政支出,经过一段时间的积累后,会通过房地产价值的增加体现出来。在实证结果的基础上,提出我国应加快房地产税收制度的改革,征收财产税的建议。

This paper studies capitalization of financial spending using panel data from thirty provinces and autonomous regions from 1999 to 2008, analyzes the relationship between financial spending level and averaged selling price of houses. The findings show that there is a positive relationship between local financial spending and real estate price. Continuous high levels of financial spending in different areas will be reflected by the increase of real estate value after a period of accruement. This paper proposes to speed up the reform of tax system of real estate and impose property tax in due time.