土地财政、房地产价格与财产性收入差距

Land Finance,Real Estate Price and Gap of Property Income

应用我国31个省级行政单位2005-2016年的面板数据,实证分析了土地财政通过房价影响财产性收入分配的机理。研究发现:(1)商品房价格上涨会提高居民的财产性收入,这种促进作用主要来源于住宅地产、商业地产价格的影响;(2)土地价格上升会拉动住宅价格、商业地产价格上升,住宅价格、商业地产价格的上涨会进一步推高土地价格;(3)缩小地方财政平衡度会推动土地价格的上升;(4)地方政府通过土地出让金收入弥补地方财政收支缺口,进而推高了土地价格,复又推动房地产价格上升,最终拉大了居民财产性收入的差距。

This paper uses panel regression model to empirically analyze the panel data of 31 provincial administrative units in China from 2005 to 2016.The research finds that:(1)The rise of commercial housing prices will increase the property income of residents,which is mainly from residential house price and commercial real estate prices,while the rise of real estate prices has a greater effect on the urban residents’property income than on rural residents;(2)Land prices have a two-way causal relationship with residential prices and commercial real estate prices,and both are the positive impact.That is,rising land prices will drive up residential prices and commercial real estate prices,and rising residential prices and commercial real estate prices will further push up land prices;(3)Local fiscal deficits will push up land prices;(4)The transmission mechanism of local deficit,land finance,real estate price and the distribution of property income of residents is that the rise of real estate prices has caused local governments to make up for local fiscal deficits and further increase the land transfer fees to obtain fiscal revenue,but at the same time push up the land price,reinvigorating pushing up real estate prices at the end of widening the gap in property income.