摘要
交易环节税率差别对房价的影响效应具有丰富的市场信息与福利含义。本文以2014年11月上海市普通住房认定标准的调整为契机,运用基于双重差分思想的特征价格模型来分析二手房交易环节的税率变化如何差别性影响房价。我们发现,这次政策调整所带来的交易环节税负降低总体上让买方受益,但也有一部分被资本化到了挂牌价之中而为卖方所捕获,体现为享受税率下调那部分二手房挂牌价的相对上涨。我们还发现不同类型二手房税负优惠的资本化程度差别很大,并且政策冲击效应随时间而改变。本文所做的研究是对于税收资本化理论在我国房地产市场上的一次少有检验,有助于我们分析经济新常态下房地产市场供需相对关系的新情况,也可为今后运用税收手段对房地产市场进行调控提供一个政策效应评估的分析框架。
Transfer taxes compose a major body of real estate taxes in China. In this paper, we utilize a empirical study based on the adjustment of ordinary apartment price caps in different areas in Shanghai in November2014 to assess the effect of transfer taxes on housing price and its incidence. Using a difference-in-differences approach along with hedonic pricing models, we find a considerable price hike in the apartments that enjoyed tax cut based on the new policy, which implies capitalization of taxes. However, the ratio of capitalization is much smaller compared with that in previous policy changes and heterogeneous across regions and apartment characteristics, reflecting a market that is cooling down from the peak. Our findings add to the literature of capitalization of real estate taxes in China＇s context, and enhance understanding of housing market in the country after a decade boom.
出处
《财政研究》
CSSCI
北大核心
2016年第2期79-93,64,共16页
Public Finance Research
基金
国家自然科学基金项目(NSF71173045、NSF71573766)
北京大学林肯土地研究院2014-2015年度研究基金
教育部重大攻关课题(13JZD009)
上海市曙光学者计划(13SG35)
上海财经大学基本科研业务费(2015110119)对本论文研究工作的资助
关键词
差别化交易税
税收归宿
普通住房
房价
Preferential Tax Policies
Tax Incidence
Ordinary Apartments
Housing Price
