Impact of Detailed Regulations for Land Use on Land Prices

第1节）数据库的创建我们根据国土厅发布的“Koujikaku”统计数据和东京都政府提供的“Kijunchika”数据创建了东京23区的土地价格数据库（1982、87、90、91、92）。此外，我们还根据每个财产的属性，考虑到土地使用等质量，创建了一个“调整”数据库。 （规定/实际）、建筑体积（规定/实际）、前方道路宽度、到最近车站的距离等。第2部分）开发土地价格模型和估算我们开发了两种土地价格模型；净现值（NPV）模型和特征法模型。通过基于不同控制组（主要是类似使用土地资产的控制组）建立标准参数，提高了后者模型的准确性。此外，还对两个模型进行了比较，以确定哪个提供了最准确的数据，并在此基础上，我们能够对附加法规对土地价格的影响进行定量估计。第三节）结论从上述估计中，我们发现《城市规划法》和《建设法》中制定的详细规定法案（1992年修订）将对东京的土地价格产生负面影响。鉴于此，我们的结论是，政府更重要的是在修订法案的范围内制定鼓励有效利用土地的政策，而不是通过对土地所有者的货币补偿来抵消土地价值的下降。

Section1)Creation of DatabaseWe created a database of Land Prices (1982,87,90,91,92) in the 23 Tokyo wards based on figures obtained from the "Koujikakaku" statistics, released by the National Land Agency, and the "Kijunchika" data given by the Tokyo Metropoitan Government..Furthermore, we produced an "adjusted" database based on the attributes of each property, taking into account qualities such as land use (regulation/actual), building volume (regulation/actual), front road width, distance to the nearest station, etc.Section2)Developing Land Price Model and EstimationWe developed two land price models ; the net present value (NPV) model and the hedonic approach model.The accuracy of the latter model was enhanced by establishing standard parameters based on various control groups, primarily those which make similar use of land assets.In addition, a comparison of the two models was conducted to determine which provided the most accurate data, and based on such, we were able to make a quantitative estimate on the impact on land prices resulting from the additional regulations.Section3)ConclusionFrom the aforementioned estimates, we found that the detailed regulations legistlated in the Urban Planning Act and Construction Act (revised in 1992) would have a negative impact on land prices in Tokyo.In view of such, instead of off-setting the decrease in land value with monetary compensation for landowners, we concluded that it is more important for governement to develop policies which would encourage efficient use of land within the limits of the revised Acts.