CAJ | 학술논문

地方政府过度追求土地财政，全国各地拍卖土地催生“地王现象”，土地拍卖产生过高拍卖溢价,选择北京市2003-2010年出让的住宅以及商业用地，运用特征价格模型实证检验土地拍卖溢价的影响因素．研究发现土地用途、容积率、方位、竞得人性质和区位是土地拍卖溢价的显著影响因素；与私有房地产企业相比，国有房地产企业对土地拍卖溢价的影响更加显著；2009年，中国应对金融危机的部分“救市”资金通过国有企业流入土地市场，推动了土地价格上涨．
지방정부과도추구토지재정，전국각지박매토지최생“지왕현상”，토지박매산생과고박매일개,선택북경시2003-2010년출양적주택이급상업용지，운용특정개격모형실증검험토지박매일개적영향인소．연구발현토지용도、용적솔、방위、경득인성질화구위시토지박매일개적현저영향인소；여사유방지산기업상비，국유방지산기업대토지박매일개적영향경가현저；2009년，중국응대금융위궤적부분“구시”자금통과국유기업류입토지시장，추동료토지개격상창．
The fact that local governments rely heavily on land finance has fostered the emergence of ＂land lease price champion＂ in many cities across the country through land auctions and land auctions are most likely to cause excessive land auction premium. This paper focuses on residential and commercial land lease transactions in Beijing for a period from 2003 to 2010 and studies the driving forces of the observed land auction premium using hedonic pricing methodology. Results show that land use purpose, floor-to-site ratio, location, the type of land bidder and distance to city center significantly impact the land auction premium. Comparing with private real estate companies, state-owned real estate firms exert more impact on land auction premium. Another finding is that part of the stimulus package released in 2009 to cope with the economic crisis has been directed to land market through state-owned real estate firms that pushes up the land prices.