The Impact Of Land Transfer On House Prices

In 2020,the Central Committee of the Communist Party of China and the State Council issued the Opinions on Building a More Perfect System and Mechanism for the Marketoriented Allocation of Land Elements,which put forward the idea of "Promoting the Marketoriented Allocation of Land Elements".It is required not only to break the market barrier between urban and rural construction land within the province,city and county,establish a unified market,and activate the stock of construction land,but also to "explore and establish a nationwide cross-regional trading mechanism for construction land and supplementary cultivated land indicators" to improve the allocation efficiency of land across the country.Before the release of the Opinions,the central government has organized pilot projects in various regions.This paper focuses on the "land ticket" system in Chongqing,which tries to establish a construction land trading market to realize the allocation and optimization of land resources in a market-oriented way.This paper first summarizes the relevant literature,combs and defines the relevant economic theories and concepts.Secondly,it introduces the introduction of the land ticket policy,the establishment of the land ticket trading market,and the specific implementation plan of the land ticket trading,and theoretically analyzes the policy effect and policy transmission path of the land ticket system.Thirdly,based on the quasi-natural experiment of the land ticket system in Chongqing,using the synthetic control method(SCM)and the data of 34 large and medium-sized cities in China from 2002 to 2018,a "counterfactual" control group was constructed,and the impact of the land ticket trading policy on regional house prices was empirically demonstrated by referring to the idea of the double difference(DID)model.Finally,we test the impact mechanism of the land ticket system on house prices from both supply and demand.A series of research results show that: first,the trade policy of construction land indicators has played a significant role in optimizing the allocation of land elements,and the government can obtain more space to regulate the house price.Second,the implementation of the land ticket system has a restraining effect on house prices,reducing the growth rate of house prices by about 40%.Thirdly,according to the policy mechanism test,there are two ways for the land ticket policy to affect the house price.The policy affects the house price through increasing the land supply and increasing the housing demand.The land ticket policy has positive significance for the market-oriented reform of land elements in China.It can help the government strengthen the macro-control of housing prices,and is worth further promotion and implementation.The research in this paper provides empirical evidence for the improvement and long-term development of relevant systems,and provides data reference and reference for the government to scientifically and reasonably promote the market-oriented allocation reform of land factors.