| Improving land allocation efficiency is a major issue raised by China transformation practice to contemporary land management science. For the recognition lag to the introduction of land quotas market and the relationship between land quotas market and land price in theory and practice, this thesis applys the ideas, theories and techniques of foreign tradable development rights (TDR), raises three core questions:(1) What is the structure, operation mechanism and nature of Amercian land development rights market?(2) What types of land quotas markets can be divided in China? And what is the prospect of each type? Further more, what is the nature, price formation and operation mechanism of quotas market in China?(3) What are the influences of introduction land quotas market to land price formation?Along with the technical route of "extraterritorial experience, theoretical summary and China application", for a start, this thesis deeply discusses the cases, characteristics and rules of TDR markets in Amercia; and the next, summaries the concept, characteristics and nature of TDR paradigm. Through a comparative study between TDR and land quota in China, this thesis establishes theoretical feasibility of introduction TDR paradigm to explain land quotas trading in China; once more, based on the differentiation of land quota markets and their prospects, this thesis researches the operation mechanism, price formation and nature of Chinese land quotas market which taking land tickets trading in Chongqing for example; finally, inspects the influences of introduction land quotas market to land price formation from the angles of qualitative description and model expression. Research conclusions are as follows:(1) Though comparative case study, this thesis found that TDR market in Amercia is a man-created market. All of the design elements work together, and in the conjunction with zoning rules and potential housing and land market conditions, to determine TDR supply and demand. Thus, TDR price is determined by government and market. Accurately, TDR markets in Amercia are characterized by strong government and weak market, and quasi-markets in nature.(2)As an international trend, TDR has achieved the qualification of paradigm. Its features and content can be summaries as follows:introduction market mechanism; improving regulation efficiency and quality; clearing total control and individual share; emphasis on loss compensation; achieving regulation goals with the support from private body and funding; changing relationship between managers and the public. The essence of TDR can be understood from three perspectives:from the perspective of property rights bundle, TDR is a right separated by knd owner from land rights bundle and sold to others according to the principle of autonomy of will and freedom of contracts; From the perspective of social justice, TDR is a solutbn of government to solve zoning dilemma and regulatory taking problems, and a non-financial compensation means through creating a new property right to compensate the loss; From the perspective of regulation efficiency, TDR is the apply of Coase theorem to solve externality problem, and a market-oriented implement tool of zoning. The meaning and manifestations between Construction land quotas and TDR are similar. It is theoretical feasible and practice urgent to introduction TDR paradigm to explain and guide land quotas trading in China.(3) land quota markets in China can be divided into two types, that is, transaction between local governments and transaction participated by individuals or enterprises. Among them, the former is just a historical fragment which only existing in the period of China’s transformation and development Taking land tickets trading in Chongqing for example, this thesis found that design mechanism of quotas market is reduction and separation land quotas which were used and materialized in rural to unused and tradable land quotas, and distribution to city through trading platform provided by local government. Ticket price not only regulated by government through setting benchmark price, appointing specific purpose, controlling trading volume, packaging retail quotas, deciding trade time and ways, but also at the mercy of market law of supply and demand. By calculation, we found that ticket price should float between2889000yuan/hm2and4597500yuan/hm2in theory. From the fact that actual average deal price close to the production price, we can be inferred that ticket pricing strategy is focused on making up for reclamation cost and finding an exit mechanism for social capital when land comprehensive improvement activities carried out at a large scale. Therefore, ticket market doesn’t have the function of price discovery; and it is merely a means ofpublic policies. Thus, ticket market is also a kind of quasi-market in nature. (4) The root cause of land double market structures which characterized by separation of tickets market and land market is the cohesion between land ticket fall to the ground and land grant system. Priority planning land that designed by Chongqing government for creating strong demand is junction between the two markets. By this, developer can get priority in fact in land market. In theory, there are kinds of interactive modes between tickets market and land market, that is, unified purchase and sell by government, bought tickets before buy land, bought land before buy tickets, and free market. The double-track system of land quotas allocation has played an important role in land market segment.The impacts which bring by the introduction of tickets market on land price in each segment market are different, because the sources of quota and grant ways of land use right are different. This thesis found that there is a two-side influences between ticket price and land price, that is, the kinds of land demand pull, land supply promote, ticket demand promote and ticket supply pull.(5) This thesis found it depends on the quantity of developers and the price of land quotas, through comparation among equilibrium land prices in those land markets, that is, market in ideal world, market with total amount regulation on construction land and market with the introduction of quotas market. Also found there is a "seesaw effect" between land price and quota price in the introduction of land quotas market. Relax the assumpations one by one, we found that the introduction of land quotas market can strengthen local government’s monopoly position in land market, greatly increase complexity of land market structure and transaction costs, the equilibrium rent will be reduced to a certain extent when the transaction costs borne by the seller, and can reduce the overall urban land price under the situation of separation between urban and rural land mark et. But for the influence of each segment market may be very different. We also found the motivation for government to lower ticket price is to maximize their land revenues. |
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