基于土地杠杆的住房价格动态分解

住房可分为土地和依附于土地的建筑物两部分。基于土地杠杆基本概念，利用我国35个大中型城市数据，将住房价格动态分解为土地价格和建筑物价格，考察我国住房价格增长中土地增值的贡献比例与速度。对土地杠杆假说的实证检验发现，拥有更高土地杠杆的住房，其增值速度会更快。通过对土地杠杆假说的实证研究，对于了解潜在的房价决定机制、价格指数建立、土地利用限制的成本评估，以及制定住房政策和评估住房市场的合理性等，都具有重要的作用。

The Dynamic Decomposition of Housing Prices Base on the Approach of Land Leverage

The price of housing includes land price and the price of architecture attached to the land. This article decomposed the housing price into the land price and architecture price dynamically, based on the land leverage and using the panel data of 35 large and medium-sized cities in our country, and analyzed the contributions and velocity of land price increment in housing price. The land leverage hypothesis empirically found that with the housing with a higher level of land leverage would have a faster land increment. In this article, the land leverage hypothesis of empirical research would play an important role in understanding the potential mechanism of house prices and the price index, the cost assessment of the land use restrictions, as well as the housing policy and the evaluation of the rationality of the housing market, etc.