建设用地指标和建设用地的序贯拍卖定价机制研究

doi:10.16381/j.cnki.issn1003-207x.2019.2095

Abstract

Abstract: With the accelerating urbanization in China, the paradox between the idle homesteads in rural area and the shortage of construction land in urban area due to the lack of quota became more and more intensified. Hence, local governments encourage farmers to reclaim their idle homesteads into farmland to generate quota. However, the current price of quota, which is based on the cost of land reclamation, is unable to motivate farmers. Therefore, according to the main characteristics of the quota transaction, the first price sealed-bid sequential auction and the second price sealed-bid sequential auction are built with complementarity. Furthermore, the influence of relevant factors on the bidding price of construction land and its quota is studied through theoretical and numerical analysis under two kinds of sequential auction. The results indicate that the bidding price of the quota is affected by the number of bidders and the fine on a developer for it delaying construction. More specifically, under two kinds of sequential auction, the bidding price decreases with the increase of the number of bidders, but increases with the rise of the fine. And the bidding price of the bidder who gets the quota in the land auction increases with the increase of the parameter of land price appreciation. It is found that the bidding price of quota and construction land in second price seal-bid auction are higher. Then, it is recommended that the local governments should appropriately increase the fine for delaying construction to raise the bidding price of the quota. As a result, the farmers’ income is raised and more farmers are encouraged to reclaim idle homesteads. It might also be beneficial for easing conflict between demand of construction land and farmland protection, and further promoting the sustainable development of China’s social economy. Meanwhile, in the second price sealed-bid auction, the bidder who wins the quota has a higher probability to obtain the construction land, which is more conducive to improve the utilization efficiency of the quota and construction land, and realize the optimal allocation of land resources.

Key words: construction land quota; pricing mechanism; sequential auction with complementarity; quota supply; land use efficiency

CLC Number:

F301

LIU Jing-yu, MENG Wei-dong, HUANG Bo, LI Yu-yu. Pricing Mechanism of Sequential Auction for the Construction Land and Its Quota[J]. Chinese Journal of Management Science, 2022, 30(5): 109-117.

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Pricing Mechanism of Sequential Auction for the Construction Land and Its Quota

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