| With the economic reform and opening-up policy,there was the contradiction between the increase of urban construction land demand and the idle land in rural areas.Then,the urgent demand of construction land stimulated the development of rural industrialization,and attracted a large number of the “three-plus-one” trading-mix industries(materials process,samples process,pieces assemble;compensation trade)and labor-intensive industries.In the process of rural industrialization,the “implicit” rural collective construction land market gradually formed in Nanhai District.However,the disorderly expansion of collective construction land market impelled the reform of rural land system in Nanhai District.After the reform of rural collective land system and the innovation of land share cooperation system,collective construction land could be traded openly.Yet,the “visible” rural collective construction land market formed,which was significant to raise life standard of villagers,promote rural industrialization,stimulate the development of rural market economy,deepen the reform of rural land system in China,and integrate with the state-owned land market.Nevertheless,the characteristics of rural collective construction land market in Nanhai District showed that long-period transaction prospective of market subjects and short-term contract brought higher market transaction frequency.Besides,the market object was the stock of construction land,rather than the flow of construction land,which made the price have great upside potential.Moreover,the history of open market transaction was short,and corresponding market regulation system was absent,then rural collective construction land market fluctuated intensely.Thus,high cost of rural collective construction land market operation happened,which might reduce market efficiency.The security and effectiveness of rural collective construction land market was important basis for the establishment and operation of the market and the integration with the state-owned construction land market.As transaction cost was an important expression of market security and effectiveness.Without the transaction system reform of rural collective construction land market,the transaction costs would be high.Furthermore,the transaction cost was also an important factor affecting the market efficiency.This paper elaborated and summarized the development course and characteristics of the rural collective construction land market in Nanhai District,and then analyzed the transaction costs and efficiency of rural collective construction land market.The following parts will introduce the main research contents and conclusions.(1)According to the transaction cost theory of Williamson,this paper established the analysis frame of collective construction land market.This research constructed transaction cost analysis framework of rural collective construction land market from the three dimensions of asset specificity,transaction uncertainty and transaction frequency by using transaction cost theory of Williamson’s new institutional economics.Then this paper discussed rural collective construction land market transaction costs and influencing factors from the market supply side and demand side through the Tobit model.Afterward,the research divided the market into different transaction market modes and different contract term modes according to the market development characteristics,studied the transaction costs and influencing factors.In addition,based on the influence principle of transaction costs on market efficiency,the paper continued to analyze the market efficiency of the supply-side and demand-side rural collective construction land by two-stage DEA model,and discuss the effect of transaction costs on the rural collective construction land market efficiency.(2)The research used data in Nanhai district to verify the transaction costs hypothesis of three dimensions from the supply side and the demand side rural collective construction land market.The results showed that: The self-organization and streamlining of collective economic organizations was an important institutional change in the effective development of rural collective construction land market.The larger scale of the transaction land raised the development standard of tenants(enterprises),which led to the low-efficiency and inefficiency of rural collective construction land market development.The relative location attribute indicated that the collective construction land around enhanced the trading expectation to collective construction land,and then reduced the market transaction costs.Moreover,the government intervention demonstrated that the higher marketization degree could reduce transaction costs of the rural collective land market.Contract notarization was a kind of legal guarantee to the transaction subject,which lowered the contract performance risk.The higher information symmetry and transparency brought about more standardized market and lower market uncertainty,which might decrease the market risk that the collective economic organizations confronted with,and then reduce transaction costs.The results of transaction costs and affecting factors of rural collective construction land market in different transaction ways showed: The collective construction land use type in the transferring market was mainly commercial land,which resulted in that better absolute location attributes of the transaction land increased transaction costs of the transferring market.And other factors influencing the transaction costs of the rural collective construction land transferring market included the contract notarization,the price decision way,and the knowing of the enterprise nature.The land area was relatively small in the leasing market in Nanhai district,so the transaction land size had positive impact on transaction costs.Furthermore,factors influencing the leasing market transaction costs included whether the contract was notarized,the state of government intervention,the way of price decision,and the land-use certificate.Finally,the transaction frequency only had a significant positive effect on the rural collective construction land transferring market.The higher transaction frequency might amplify the problem of incomplete contract and opportunism in transferring market.The results of transaction costs of rural collective construction land market in different contract terms showed: For the perspective of assets specificity,factors influencing transaction costs of rural collective construction land market in short-term contract included the number of collective economic organization leaders,the area of collective construction land,relative location attribute and absolute location attribute.The factors affecting transaction costs of rural collective construction land market in the long-term contract mainly included: the size of the traded land,the absolute location attribute.From the perspective of the transaction uncertainty,whether the intermediary companies participated had a significant negative impact on the rural collective construction land market in short-term contract.The factors that had a significant impact on transaction costs of long-term contract market included market transaction ways,whether the contract was notarized,and whether the government intervened.The uncertainty of the trading environment had no significant effect on transaction costs of the short-term contract rural collective construction land market.In the process of the short-term market trade between the rural collective economic organization and the demand side,the price decision way and the understanding of the demand side’s information did not impact the market transaction costs,on the contrary,knowing more increased information collecting and bargaining costs of short-term contract market.The transaction costs of the long-term rural collective construction land market were affected by the price decision modes of transaction uncertainty.The results of rural collective construction land market transaction costs from the demand side showed: In-house transactions tended to be more integrated that the transaction costs were relatively low.The enterprises “locked in” a certain industry increased their market transaction costs.Property rights integrity of transaction object was essential for the demand side,and industrial agglomeration improved the market investment expectations.From the perspective of the transaction uncertainty,reduction of contract risk was an important guarantee to reduce the market behavior risk.The standardization and transparency of the rural collective construction land market was the key to effective market operation,which played an important role in reducing the rural collective construction land market transaction costs in the demand side.The results of transaction costs and impacting factors of collective construction land market in different trade ways from the demand side showed: The transaction cost model of rural collective construction land first trading market was not significant(Prob> chi2 =0.630)because the first trading market was inactive,while the transaction cost model of collective construction land sublease market was significant(Prob> chi2= 0.000).The demand side enterprises tended to choose the landlords with close relationship to deal in order to reduce the uncertainty of transaction process.The formation of supply and demand market reduced transaction costs,so that the sublease market developed towards the direction of the same scale return.Clear market property rights and normalized procedures,safe market trading environment were important to improve the efficiency of sublease market.The results of transaction costs of rural collective construction land market in different contract terms from the demand side showed: The transaction costs model of rural collective construction land market in the short-term contract was significant(Prob>chi2 = 0.000).From the perspective of asset specificity,the factors influencing the transaction costs of rural collective construction land the short-term contract market included whether the demand side(enterprises)was locals,educational level,enterprise’s annual output value,the number of employees,relative location attribute.From the uncertainty dimension,the transaction mode,the choice of trading objects,price determination,the understanding of the transaction land and the Nanhai District pilot all had significant impact on transaction costs.While the transaction costs model of the long-term market were weaker(Prob> chi2 = 0.012).The significant impact factors were as follows: the transaction land size for asset-specificity dimension,transaction ways,contract notarization,the “housing property certificate”,the understanding of the transaction land and the Nanhai District pilot for the uncertainty dimension significantly influenced the transaction costs of the rural collective construction land market in long-term contract.(3)The article measured and analyzed the market efficiency according to the subject-object relationship of rural collective construction land market.Based on the input-output logic consistency of cases in the process of rural collective construction land market,the research used the two-stage DEA model to calculate the input-output efficiency of the supply side and the demand side rural collective construction land market,then,applied the Tobit model to analyze the effect of transaction costs and other non-efficient factors on the market efficiency.The result showed that the market efficiency of the supply side rural collective construction land market was low,the comprehensive efficiency was 0.117,the pure technical efficiency was 0.485,the scale efficiency was 0.246.Transaction costs brought about by market inefficiencies in the rural collective construction land system reduced market efficiency.The higher level of collective economic organizations’ autonomy effectively lowered occurrence of market’s “ripping off”,“rent-seeking”behavior and opportunistic behavior,then increased the rural collective construction land market investment level of economic organizations,which helped the scale return reach to the changeless stage.Security of contract and performance,marketization,third-party regulatory mechanisms affected the risk of market transactions,and then influenced the market efficiency.The degree of transparency and standardization of the trading environment affected the information asymmetry of both parties.That was to say,the higher degree of market transparency and standardization weakened risk of transaction environment,which helped to improve the market efficiency.The market efficiency of the demand side rural collective construction land was0.230,the pure technical efficiency was 0.390 and the scale efficiency was 0.658.There was some unused resource in the rural collective construction land market in Nanhai district.Transaction costs did not have a significant effect on the demand side market efficiency.The high skill level of the enterprise contributed to increasing the input of the market and improving market efficiency.In equilibrium,the higher factor prices in the agglomeration area meant better production factors matching,where the market efficiency of the rural collective construction land was higher.In addition,when the enterprise life cycle and the land use cycle were more matched,the enterprise chose to increase the production investment to optimize market resource allocation.The security of the transaction behavior was favorable to the demand side for the continuous land investment so as to enhance the production efficiency.The higher security of the transaction environment helped the demand side to increase production inputs to improve market efficiency.(4)In order to improve the efficiency and security of rural collective construction land market,the following suggestions were put forward:(1)It is so important to improve the autonomy of rural collective economic organizations that contract and implementation risk can weaken.(2)Clarifying the property rights of the rural collective construction land and real estate can reduce transaction uncertainty.(3)The local government should carry the work of collective land space merging and consolidating forward,which can reduce the fragmentation degree,and improve transaction effectiveness.(4)It is urgent to formulate trade rules of rural land secondary market to protect the market safety and effectiveness. |
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