Land Sale Pattern,Land Price and Real Estate Price
利用2003-2008年中国35个大中城市数据，分析不同土地出让方式对地价和房价的影响，发现房价主要由供需决定，而非地价或出让方式，地价上涨源于房价上涨而非招拍挂制度。
Using the land market and real estate market datasets of 35 large and medium cities of China from 2003 to 2008,this paper investigates the impact of various land sale pattern upon the land and real estate prices.The descriptive analysis indicates that the average ratio of land price to real estate price is merely 10.23%.Secondly,land revenue in municipal revenue accounts for 62.49%on average,which implies the land revenue has become the second revenue resource for municipal governments.Thirdly,the ratio of agreement land sale accounts for the highest,the ratios of listing and administrative assignment land sales follow the second,and the ratios of tender and auction land sale are lowest.Hence,the land sale regime is characterized by double-track paradigm.The results show that real estate price is determined by supply and demand aspects rather than land price and land sale patterns.Therefore,in order to prevent real estate price from increasing dramatically,the policy makers should reconcile the relationship of supply and demand,but not barely reduce land price or deny current land-bidding system.In addition,land price is primarily determined by real estate price rather than land sale patterns,which indicates that the higher land price results from higher real estate price rather than the land-bidding system.