| Based on the review of the shantytown reform and policy in China,this paper discusses the related concepts of shantytown renovation and the policy objectives of monetization resettlement.Then,according to the process of the shantytowns reform in various provinces and cities in China,the administrative subjects and financing entities in the process of transformation were clarified,and then focus on the source of funds for the shed reform plan in 2015-2017.The Central Bank of China began to inject the Pledged Supplementary Lending,and the resettlement residents used the compensation fee to purchase the house.This part analyzed the flow of funds for the three-year shed reform plan on a layer-by-layer basis.Finally,the transfer mechanism of the monetary resettlement ratio in the shantytown reform led to the increase of the price of urban commercial housing.Through the incomplete contract theory,we observe the behavior of governments in the shantytown reform.In the framework,combined with the actual work of shantytown reconstruction,the remaining control rights of administrative entities at all levels are analyzed to study the administrative logic of the impact of the number of monetized resettlements on the price of urban commercial housing.In the empirical research,this paper takes Shandong Province,which has a large number of shantytown reconstructions from 2015 to 2017,as a sample.And this part adopts the fixed-effect regression model of panel data,and empirically analyzes the shanty towns in the province.In the model,the number of monetized resettlement of shantytowns in each city is taken as the explanatory variable.The local commodity housing sales price index is the explained variable,and the factors such as regional GDP and resident disposable income are selected as control variables.By regressing the model,it is found that the number of monetized resettlements in the provinces and the price index of new commercial housing in urban commercial housing are significantly correlated.Finally,combined with theoretical and empirical analysis,the impact of the monetary resettlement of shantytowns have been summarized on the urban commercial housing market in China,so as to propose a more feasible policy for the subsequent shantytown renovation. |
