Reference dependence, loss aversion and residential property development decisions
Reference dependence, loss aversion and residential property development decisions
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DOI：
10.1007/s10901-020-09803-y
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发表时间：
2019-03
影响因子：
1.9
通讯作者：
Helen X. H. Bao;C. Meng;Jing Wu
中科院分区：
文献类型：
--
作者：
Helen X. H. Bao;C. Meng;Jing Wu
本文通过对北京中国的土地成交和住宅开发数据的分析，发现开发商对土地成交的评价表现出参考依赖和损失厌恶。有土地交易损失的开发商设定的房价高于没有损失的开发商。这一影响在物业销售期开始和接近尾声时最为强烈。它受到开发商所有权结构和上市地位的影响。民营企业比国有企业受到的影响更大，而未上市的企业比上市企业受到的影响更大。研究结果对中国的土地与住房市场之间的关系有一定的启示作用。在土地收购需要高价的繁荣土地市场中，开发商会将多余的地价转移到房价上，从而提高房价。在中国看来，土地市场在管理房价方面发挥着不可或缺的作用。
We analyse land transaction and residential development data from Beijing, China and identify that developers’ evaluation of land transaction exhibits reference dependence and loss aversion. Developers with prior land transaction losses set higher house prices than those without prior losses. This effect is strongest at the beginning and towards the end of the property sales period. It is moderated by developers’ ownership structure and listing status. Privately-owned firms experience stronger effects than their state-owned counterparts, whereas unlisted firms are more strongly affected than their listed counterparts. Results have implications on the relationship between the land and the housing markets in China. In a booming land market where land acquisition entails a high price, developers will transfer excess land price to house prices, thereby increasing the latter. The land market plays an integral role in managing housing prices in China.