商住用地价格何以倒挂:策略选择与干预激励——基于全国微观地块数据的经验证据  

Why the Prices of Commercial and Residential Land Are Inverted:Strategy Selection and Intervention Incentives Empirical Evidence Based on a National-wide Parcel-level Dataset

作　　者：付扬军 曲卫东[1] FU Yang-jun;QU Wei-dong(School of Public Administration&Policy,Renmin University of China,Beijing 100872,China)

机构地区：[1]中国人民大学公共管理学院,北京100872

出　　处：《现代财经（天津财经大学学报）》2023年第11期15-29,共15页Modern Finance and Economics：Journal of Tianjin University of Finance and Economics

基　　金：国家社会科学基金项目(18BJY223)。

摘　　要：商住用地价格倒挂是城市内部土地配置逻辑的重要体现,研究地方政府在商住用地出让中的行为对于把握未来中国城市发展逻辑具有重要现实意义。本文基于中国2007—2020年286个地级市的土地交易数据集,系统论证了城市商住用地价格的倒挂及其背后的干预机制与激励动机。研究发现:在控制地块和城市的相关特征后,商业用地的出让价格显著低于住宅用地的出让价格,并且面积越大、距市中心距离越远以及城市第三产业占比越高的商业用地,其出让价格低于住宅用地越显著。商住用地价格倒挂的背后是地方政府更多地通过挂牌方式出让商业用地,从而调节其出让价格。而地方政府在面临更大的财政压力和官员晋升压力时,挂牌出让商业用地的倾向会减弱,同时挂牌出让造成的商住用地的价格差异会缩小,这可能是为了获取更多可支配资金以弥补财政缺口、发展地区经济。The inversion of commercial and residential land prices is an important manifestation of the intra-city land allocation logic,and it is of great practical significance to study the behavior of local governments in commercial and residential land sales to grasp the logic of future urban devel-opment in China.Based on a dataset of land transactions in 286 prefecture-level cities in China from 2007 to 2020,this paper systematically demonstrates the inversion of urban commercial and resi-dential land prices and the underlying intervention mechanisms and incentive motives.It is found that,after controlling for the relevant characteristics of the land parcels and cities,the offer price of commercial land is significantly lower than that of residential land.The larger the area,the farther away from the city center,and the higher the proportion of tertiary industries in the city,the more significantly the offer price of commercial land is lower than that of residential land.The inverse price of commercial and residential land is due to the fact that local governments are more likely to offer commercial land through listing,thus regulating the offer price.When local governments face greater financial pressure and promotion pressure for officials,the tendency to list commercial land will be weakened,and the price difference between commercial and residential land caused by listing will be reduced in order to obtain more disposable funds to make up for the financial gap and devel-optheregional economy.

关 键 词：价格倒挂 商住用地 挂牌出让 出让策略 

分 类 号：F061.6[经济管理—政治经济学]