中国土地国有制下的住房与土地金融化

上海交通大学国际与公共事务学院陈杰教授与英国社科院院士、伦敦大学学院巴雷特规划学院吴缚龙教授共同合作在土地管理国际顶级期刊Land Use Policy发表论文“Housing and land financialization under the state ownership of land in China”。该文研究了中国特有的土地国有制度下，住房金融化和土地金融化如何相互交织和产生互动，并进而共同推动了中国经济发展中的资本积累。Land Use Policy为环境类SSCI一区期刊，2019年影响因子3.682。

本文也是陈杰教授与吴缚龙教授共同主持的国家自然科学基金委员会（NSFC）与英国经济和社会研究理事会（ESRC）联合资助项目“中国城市发展的金融化趋势及金融风险”（国家自科基金批准号：NSF71661137004）的阶段性成果。

文献目录信息：

Chen, Jie, and Fulong Wu. 2020. “Housing and Land Financialization under the State Ownership of Land in China.” Land Use Policy, June, 104844. https://doi.org/10.1016/j.landusepol.2020.104844.

https://linkinghub.elsevier.com/retrieve/pii/S0264837720300053

概要：本文以中国的国有土地所有权制度为出发点，考察了中国特色的住房和土地的金融化，并说明了这些过程是如何相互交织、相互促进的。本文得出三个结论：第一，中国的住房金融化与土地金融化紧密相连，住房金融化促进住房资产需求，土地金融化加速供给住房资产以满足对其的需求；第二，住房金融化和土地金融化共同扩大了房地产的生产，和促进了资本积累；第三，土地和住房的金融化模式随着时间的推移而演变。本文认为，中国住房与土地金融化的既分离又紧密关联的过程反映出土地国有制对金融化的独特作用。

Highlights:

•The financialization of housing and land in China intertwines closely under the state ownership of land.

•Housing financialization boosts the demand for housing assets and land financialization expands the supply.

•Housing financialization and land financialization jointly plays a pivotal role in the state-led accumulation regime.

•Housing assetization and land capitalization in China reinforces with each other in a self-enhancing circle.

•The financialization of housing and land in China epitomizes China’s entrepreneurial urban governance.

Abstract: By studying the case of China’s state land ownership regime, this paper examines the financialization of housing and land and illustrates how these processes are intertwined and reinforce each other. This paper reached three conclusions: first, housing financialization and land financialization cannot be separated in China; housing financialization boosts the demand for housing assets and land financialization speeds up the supply to meet the demand. Second, housing financialization and land financialization jointly expand the production of properties and sustain capital accumulation. Third, the financialization of land and housing evolve over time. We conclude that the separate and related processes of housing and land financialization in China reflect the unique characteristics of the state ownership of land in China.

https://linkinghub.elsevier.com/retrieve/pii/S0264837720300053

https://www.researchgate.net/publication/342323276_Housing_and_land_financialization_under_the_state_ownership_of_land_in_China