Policy uncertainty and land transaction prices in China  

作　　者：Xiaoyang Li Mo Liang Jidong Yang 

机构地区：[1]School of Accounting and Finance,The Hong Kong Polytechnic University,Hong Kong SAR,China [2]School of Finance,Renmin University of China,Beijing,China [3]School of Economics,Renmin University of China,Beijing,China

出　　处：《Economic and Political Studies》2024年第2期117-142,共26页经济与政治研究（英文版）

基　　金：Xiaoyang Li thanks the National Natural Science Foundation of China[Grant No.72303197]for financial support;Mo Liang thanks the National Natural Science Foundation of China[Grant No.71803188]for financial support;Jidong Yang thanks the Humanities and Social Sciences Research Project of the Ministry of Education[Grant No.22YJA790076];the Fundamental Research Funds for the Central Universities and the Research Funds of Renmin University of China[Grant No.23XNA011]for financial support.

摘　　要：Economic policy uncertainty has prominent effects on investment and output.Using unique transaction-level data in China,this paper explores the impact of economic policy uncertainty on land transaction premiums in China.On average,a 1%increase in the policy uncertainty level reduces land transaction premiums by 3.907 percentage points.The impact of policy uncertainty is more profound for firms with tighter financial constraints and land located in cities with lower rent-to-price ratios.The influence of policy uncertainty becomes weaker after the anti-corruption campaign in China,especially in provinces scrutinised by the central inspection teams,implying that improvements in the political environment alleviates the impact of policy uncertainty.

关 键 词：Policy uncertainty land transaction price premium anti-corruption campaign 

分 类 号：F301.2[经济管理—产业经济]