分税制改革、财政分权和房价水平

1998年房改以来，中国城镇房价持续快速上涨，引起了社会公众的广泛关注。本文发现，较高的房价水平总是与较高的财政分权度联系在一起的，而较高的财政分权度又与1994年的分税制改革密切相关。本文采用2000-2008年的分省面板数据，研究分税制改革背景下财政分权度对房价的影响机制，为上述假说提供实证证据。结果表明，分税制背景下逐年扩大的财政分权度是导致房价持续过快上涨的不可忽视的制度性因素。在使用了不同的计量方法、识别技术以及控制了其他潜在影响房价的因素后，本文的估计结果依然是稳健的。

TAX-SHARE REFORM, FISCAL DECENTRALIZATION AND HOUSING PRICE

Since housing reform started in 1998,urban housing price had being up and up,the data indicated that the higher housing price was correlated with the larger degree of fiscal decentralization.Using provincial panel data from 2000 through 2008,this paper examined the causal link between the fiscal decentralization and higher housing price,through static and dynamic view,respectively.The empirical results showed that the asymmetry of rights of revenue and expenditure of local government was due to 1994 fiscal centralizing reform.The larger degree of fiscal decentralization was a non-negligible institutional factor which caused the faster increase of housing price.The results were robust to the inclusion of various controls and to a range of specification checks.