Economic Analysis of Land and Stock Prices

土地和股票价格的经济分析

• 批准号: 01450082
• 负责人: KANEMOTO Yoshitsugu
• 金额: $ 1.86万
• 依托单位: The University of Tokyo
• 依托单位国家: 日本
• 项目类别: Grant-in-Aid for General Scientific Research (B)
• 财政年份: 1989
• 资助国家: 日本
• 起止时间: 1989 至 1990
• 项目状态: 已结题
• 来源: https://kaken.nii.ac.jp/en/grant/KAKENHI-PROJECT-01450082/
• 关键词: land price; fundamentals; bubbles; land taxation; information; competition; efficient markets; キャピタル・ゲイン税; 効率市場; 投機; 資産課税

Based on theoretical analysis of the effects of land taxation, Kanemoto showed that the lock-in effect of a tax on realized capital gains is small and that the effect of the property tax on the supply of residential land is also small.Nishimura analyzed the historical patterns of land price changes in Japan and examined whether or not they can be explained by fundamentals. The results are negative for a rapid appreciation of land price between 1986 and 1988.Kanemoto wrote a paper which summarizes the institutional background, the tax system, historical experiences, and the current problems of the Japanese residential and land markets.Kanemoto analyzed the qualitative and quantitative effects of taxed on land price, property value, vacant land, and realized capital gains in a dynamic model of land development.Nishimura wrote a paper which investigated imperfectly competitive firms' investment such as acquisition of land for new factories. The result shows that investment is quite volatile when firms are faced with uncertainty about future.Nishimura investigated whether or not the Japanese land market is efficient, and found that the market for farm land is likely to be efficient, although the market for residential, commercial and industrial land is not.

金本从理论上分析了土地税的效果，指出土地税对已实现的资本收益的锁定效果很小，财产税对住宅用地供给的影响也很小。西村分析了日本土地价格变化的历史模式，考察了是否可以用基本面来解释。本文总结了日本住宅市场和土地市场的制度背景、税制、历史经验以及目前存在的问题，分析了税收对土地价格、房地产价值、空置土地、西村曾写过一篇论文，研究了不完全竞争企业的投资，如为新工厂购买土地。研究结果表明，当企业面临未来的不确定性时，投资的波动性很大。西村对日本的土地市场是否有效进行了调查，发现农地市场可能是有效的，但住宅、商业和工业用地市场可能不是有效的。

项目成果

西村清彦・三輪芳朗共編: "日本の株価・地価" 東京大学出版会, (1990)

西村清彦和三轮芳郎合编：《日本的股票价格和土地价格》东京大学出版社，（1990）

Nishimura, Kiyohiko G.,: "Differential information, monopolistic competition, and investment" International Economic Review. (1990)

Nishimura, Kiyohiko G.，“差异信息、垄断竞争和投资”国际经济评论。

Nishimura,Kiyohiko G,: "Differential Information,Monopolistic Competition and Investment" International Economic Review. (1991)

西村清彦，《差异信息、垄断竞争与投资》国际经济评论。

西村 清彦・三輪 芳朗 共編: "日本の株価・地価" 東京大学出版会, 320 (1990)

西村清彦和三轮芳郎合编：《日本的股票价格和土地价格》东京大学出版社，320（1990）

Kanemoto, Yoshitsugu,: "Land price and the effects of land taxation on the supply of residential land" Land and stock prices in JAPAN. 135-164, (1990)

Kanemoto, Yoshitsugu，“土地价格和土地税对住宅用地供应的影响” 日本的土地和股票价格。