| The socialist public-owned land-ownership system has been implemented in China, which is the state-owned land-ownership system and collective-owned land-ownership system (the People’s Republic of China Land Regulation,2004). For the public interest, the Government usually makes a requisition of collective-owned land legally for construction purposes in the case of providing the necessary compensation. Ownership of state-owned land cannot be sold, that is held and exercised by the State Council. Based on the theory of the separation of land-ownership and land-use right, the state-owned land-use right can be traded legally; this is the implementation of the compensated use system of the state-owned land. In the socialist market economy, the state-owned land-use right has become a special commodity. The State Council exercises the ownership of state-owned land on behalf of the state. Because of the localization of the land management, the land revenue should be totally imposed into the local treasury and implemented with the local fund budget management by the local government.In order to enhance the land income of Government, to allocate the land resource rationally and to regulate the land market, China implements the land reserve system, which requires the land reserve cost controlling and the rational allocation of land revenue. The implementation of the land reserve system calls for the establishment of land reserve funds. In recent years, with the establishment and development of the land reserve system and trading state-owned land-use rights by bidding, auction and listing, the land revenue has increased rapidly and become the main local urban construction funding. At the same time, with the gradually expanding of the land reserve scale, it has become a very important issue that how to use the land reserve funds to carry out land reserving mobilization.In recent years, the state authorities have done a lot of work to establish and improve China’s land management system, standardize the management of land revenue and the financial management of land reserve funds. They introduced a number of laws, regulations and regulatory documents. Many local governments also had exercised the land reserve system and explored more useful operations of the land reserve funds. The most relevant theoretical monographs concentrate on the basic theory of land economics. As an applied science of economics, the land economics is to analyze the land issues from the view of the economics, that is, the perspective of productive forces and production relations. It is to study economic issues including supply and demand of land resources, the intensive use of land, land economic scale, land ownership, land use system, the land management system, the land lease system, the land credit system and so on (Zhoucheng,2003). However, there was no specialized academic monograph, which focused on the financial management of land reserve funds and the land reserve system. Scholarly articles are also limited to the land reserve and the land revenue management, little related to the financial management of land reserve funds, and significantly lags behind the practice, it cannot achieve the role in guiding the financial management of land reserve funds. It can be said that the development of practice is leading the way of theory. So it has considerable practical significance to study the financial management of land reserve funds.In view of the diversity and complexity of the financial management of land reserve funds, this article will focus on three aspects:the raising of the land reserve funds, the management of land reserve cost, and the distribution of land revenue. By the research and empirical research, this paper discussed the financial management of land reserve funds according with the "the concept defining→the theoretical basis→Analysis and Empirical→Foreign reference→guidelines recommend". In addition to the first chapter "Introduction", the second chapter, "the definition of the concepts related to the financial management of land reserve funds" is the theoretical basic of this article, that is the basis of the following theoretical and empirical analysis; Chapter III, "Theoretical basis of the financial management of land reserve funds" is a study of the theoretical basis for this article; Chapter IV, "the theoretical framework of the financial management of land reserve funds" is a theoretical analysis of this paper, which analyzes the financial management entity of the land reserve funds, the raising of the land reserve funds, the management of the land reserve cost, and the distribution of the land revenue; Chapter V," the status and factors analyzing on the financial management of the land reserve funds in China", by analyzing the status quo, this chapter is to identify the existing deficiencies, using the empirical study method to examine the factors affecting the land revenue; Chapter VI, "international experiences and implications of the financial management of land reserve funds", with the comparison of foreign countries, we learn how to improve the financial management of land reserve funds; Chapter VII, "Measures to strengthen the financial management of land reserve funds", this chapter put forward the countermeasures and suggestions for the lack in the financial management of land reserve funds in chapter V and VI. Chapter VIII is "the conclusions of this study and research directions in future ", this part presented major research findings of this paper and research directions in future. The main contents of this paper are as following:Chapter 1:Introduced the background, significance, research status, contents, methods, logical framework of this topic, and summarized the main research findings and innovations of this article.Chapter 2:described the basic concept of the land reserve, land reserve funds, land revenue, also described the origin of the land reserve funds, the composition, using scale and process of the land revenue. Understanding of these basic concepts would help us to understand the economic activity process deeply, and laid the foundation of this study.Chapter 3:described the theoretical basis of this study from the theory of land ownership, land supply and demand market theory, new institutional economics theory. Land ownership theory provides a theoretical basis for the land reserve entity and the management of land reserve cost. Land supply and demand theory is the theoretical basis for the market price of certain land, including land value dualism theory, resource allocation and market failure theory, government intervention theory, location theory. Theory of institutional change and innovation in the new institutional economics established a theoretical foundation for the land reserve system.Chapter 4:discussed the theoretical framework of the financial management of land reserve funds by analyzing the financial entity, financial relations, and etc. Currently, the definitions of the financial management entity of land reserve funds are still different; this paper argued that the financial management entity of land reserve funds is the land reserve institution specifically set by the local government. Then it introduced the various financial relationships in the land reserve activities. The financial relationship is shown by the financial activities. The financial activity is the phenomenon; the financial relationship is the essential. Financial activities of the land reserve funds included the raising of the land reserve funds, the management of the land reserve cost, and the distribution of the land revenue. The theoretical framework of the financial management of land reserve funds in this chapter provides a theoretical basis for the following analysis of Chinese financial management situation of land reserve funds in Chapter 5.Chapter 5:analyzed the status quo of the land reserve institution, the raising of the land reserve funds, the management of the land reserve cost, the distribution of the land revenue, and then the deficiencies of the current financial management activities of land reserve funds in China. By the related land reserve data provided by the Municipal Bureau of Finance in city B, this chapter inspected the affecting factors of the land revenue. Firstly, described the operation status of the land reserve system in city B, including the land reserve institution, the land reserve cost and the land revenue, the land reserve funding which reflect the characteristics of the land reserve operating mechanism in City B, Such as: listing is the only land trading way in City B. Then, using of the land reserve data of 2005-2009 as the sample, this paper researched the land revenue affecting factors with linear regression. It mainly examined the land commercial using, the area of land, the land capacity ratio, the land classes, and housing prices on the impact of the land revenue, in which the land commercial using was discussed from the two visits, one is the impact of the commercial land on the land revenue and the other is the impact of the residential land on the land revenue. Assumptions made in the basis of the theoretical analysis, according to Colwell and Sirmans(1978) model and fix, the empirical study found that the land commercial using, the area of land, the land capacity ratio, and the land classes were significantly positively related to the land revenue, the housing prices were negatively correlated with the land revenue.Through arranging features of land reserve of Sweden, the Netherlands, France, Canada, the United States and other representative Western countries in the Chapter 6, to put forward some inspirations for the financial management of land reserve funds. This chapter illustrated characteristics of Western countries’financial management of land reserve funds from five aspects which are objectives of land reserve policy, source of reserve land, type of land reserve, the implementing agencies, and financing channels. Through analysis of characteristics of Western countries’financial management of land reserve funds, we get the following inspirations. Firstly, the type of China’s land reserve is purpose orientation, and the policy objectives of the land reserve are to perfect land market and land supply, promote industrial restructuring and enhance land reserve of urban infrastructure construction. Secondly, financing channels of China’s land reserve funds are too single, which mainly rely on financial allocations and bank loans. What’s worse, there are serious flaws for guarantee mode of commercial bank loans, which will increase the financial risk of land reserve funds operation surely.Chapter 7:offered strategies and suggestions for improving China’s financial management of land reserve funds from four facets which are perfecting land reserve institutions, broadening financing channels of land reserve funds, strengthening management of land reserve cost, and arranging land income reasonably.Chapter 8:summarized the conclusions of this study and proposed directions of future study of this thesis.Many complicated factors get involved into the financial management of land reserve funds, which cannot be covered throughout in one thesis. Many views and supporting materials refer to relevant laws, regulations, formal documents and lots of experts’ research achievements. Innovations of this thesis are as follows:First, establish land reserve institutions with enterprise operation style to enable it to be the real financial management entity of land reserve funds. Because the land reserve funds are mainly collected from land reserve loans and used to conduct the land reserve at present, the land reserve institution is the entity of issuing the loan and returning the loan. In order to clarify responsibilities, the land reserve institutions shall be operated with enterprise style.Second, collect land reserve funds from various channels to spread financial risks. Forecast requirements of land reserve funds reasonably; and according to the forecasting results, to write financing proposals and to control the scale of land reserve loans. Add registered capital to maintain a reasonable capital structure of land reserve funds. Enhance the provision of state-owned land income fund to strengthen land reserve’s own capacity of operation. Collect funds from various channels and explore the land reserve bonds and other financing modes to spread financial risks of land reserve funds.Third, build an accounting system of land reserve cost to try to reduce the land reserve cost. According to the accounting system of land reserve cost, enhance management and control of land reserve cost and to do utmost to reduce the cost. Make clear of main responsible subjects for land reserve cost control, and control the land reserve cost throughout the whole process.Fourth, allocate the land revenue reasonably to resolve the financial risks of land reserve funds. After realize that the land revenue is imposed into the local treasury, expenditures of arrangements of land revenue shall be divided into cost of land reserve and cost arranged with net income. Cost of land reserve shall be returned to the land reserve institution to pay back the land reserve loans. Build a bridge between the land revenue accounting and the land reserve funds accounting to make the land reserve institution be the real responsible entity and to defuse financial risks of land reserve funds. |
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