Buyuan Yang;Danxia Xie;Weiyi Zhao;Qingquan Zhang;

• 1:School of International Trade and Economics
• 2:Central University of Finance and Economics
• 3:Institute of Economics
• 4:School of Social Sciences

Abstract：

The separation of rural land ownership, contracting rights, and management rights constitutes a crucial aspect of China's rural land property rights system. We construct a novel general equilibrium model that includes three markets for consumer goods, land ownership, and land use rights(abbreviated after merging contracting and operating rights). It shows that after collective land enters the market, housing price decreases and reflects more on the price of the use right. We further introduce shared ownership as a financial innovation into the framework above and find that some residents who originally planned to rent or buy houses purchased shared ownership houses. Model calibration shows that allowing collective land to trade can improve the welfare of low-income rural residents and mitigate wealth inequality(the wealth Gini coefficient dropped by 16%). The further introduction of shared ownership is a Pareto improvement. This study provides essential scientific insights into the economic impacts of collective land marketization and the implementation of the shared ownership housing systems, thereby facilitating a deeper understanding of the “separation of rights” reform in rural land in China.

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Foundation: 国家自然科学基金面上项目（72373079）;国家自然科学基金专项项目（72342008）;国家自然科学基金重大项目（72192802）;国家自然科学基金青年科学基金项目（72403265）;; 国家社科基金重大项目（24&ZD053）;; 国家资助博士后研究人员计划（GZC20242117）;; 中国博士后科学基金第75批面上项目（2024M753813）;; 高等学校学科创新引智基地（B21038）;; 中南财经政法大学中央高校基本科研业务费专项资金（2722024EJ011）;; 清华大学自主科研计划（2024THZWYY06）;; 中央财经大学科研创新团队支持计划的资助

Authors: Buyuan Yang;Danxia Xie;Weiyi Zhao;Qingquan Zhang;

References：

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• (1)也就是说,农民只有在宅基地修建个人住宅的权利,而无出租、转让等权利。直至2019年,新修订的《土地管理法》允许农村集体经营性建设用地以出让、出租的方式交由单位或集体使用,迈出了农村土地入市的关键一步。然而,在我国现行的土地制度下,城市国有土地与农村集体土地同地不同权。一方面,农村集体土地不能入市限制了房地产市场的土地供给,从而导致政府无法合理地通过调节土地供给来稳定住房价格。另一方面,农村集体土地流转限制和用途管制使得农民从土地流转和使用中获得收入的渠道受阻(蒋省三等,2007),使得城乡收入差距随着房价的上涨不断扩大,同时也诱发了大量的土地腐败和土地寻租行为(蔡继明和程世勇,2010;李江涛等,2020)。 (2)这种处理方法并不改变效用函数的单调性与凸性,也是传统文献中的惯用做法(Levy and Markowitz,1979)。 (3)假设2意味着农村居民随着工资收入提升实现从出租房到不出售房也不出租房转变,而城市居民的最优选择是从出售一套房到不出售房也不出租房转变,即在均衡状态下没有城市居民会选择出租一套房。 (4)本文所有命题的证明见附录,附录可通过中国知网检索并下载。 (5)此处,分别将第2、第3、第4节中的模型定义为模型-改革前,模型-改革后Ⅰ和模型-改革后Ⅱ,以便于分析。 (1)数据来源为《中国统计年鉴（2020）》。