房产税抑制了土地价格吗?——基于微观住宅用地出让数据的实证研究  

Does Property Tax Suppress Land Prices?An Empirical Research Based on Micro-Residential Land Transaction Data in China

作　　者：杨超[1,2] 肖璐 凌爱凡 Yang Chao;Xiao Lu;Ling Aifan(School of Finance,Jiangxi University of Finance and Economics;Research Centre of Financial Development and Kisk Prevention,Jiangxi University of Finance and Economics)

机构地区：[1]江西财经大学金融学院,330013 [2]江西财经大学金融发展与风险防范研究中心

出　　处：《经济评论》2021年第6期19-33,共15页Economic Review

基　　金：国家自然科学基金项目“政治关系对地价、房价的影响机制研究”(项目批准号:71703062)的资助。

摘　　要：本文利用2008—2016年的微观住宅用地出让数据,通过DID模型分析了房产税对我国土地价格的影响及其作用机制。研究结果发现:整体而言,房产税降低了土地价格。不过动态政策效应发现,房产税对土地价格的负向影响仅表现为短期冲击,主要集中于房产税推出后前两年,随着时间的推移,其负向影响将逐步消失。进一步分析发现,房产税抑制了城市的房地产开发,降低了土地竞争程度,进而降低了土地价格。异质性分析发现房产税降低了重庆和上海的土地价格,但对两地土地价格的影响没有明显差异。此外,本文还发现重庆房产税推出之后,显著降低了征收房产税的主城九区的土地价格,而对重庆其他区县的土地价格没有显著影响。本文为研究房产税与土地价格的关系提供了依据,为房产税政策的实施提供了参考。Based on the micro-residential land transaction data from 2008 to 2016 in China,this article examines the impact of property tax on China’s land price and its mechanism through DID model.The results of the study found that:overall,the property tax reduces land prices.However,the dynamic policy effect finds that the negative impact of property tax on land prices only manifested as a short-term impact,mainly concentrated in the first two years after the introduction of property tax,and the negative impact will gradually disappear over time.Further analysis finds that the property tax inhibits the development of real estate in the city,and decrease the degree of land competition,which decreases land prices.The heterogeneity tests find that the property tax decrease the land prices in Chongqing and Shanghai.There is no significant difference in the impact of property taxes on land prices between these two places.In addition,this article also finds that the property tax decreases the land price in the nine districts where the property tax is implemented in Chongqing,while the impact is not significant in other districts of Chongqing without property tax.This article provides evidences for the relationship between property tax and land prices,and sheds light on implementation of property tax policies.

关 键 词：房产税 土地价格 土地出让 双重差分 

分 类 号：F299.23[经济管理—国民经济] F812.42