Impact of Detailed Regulations for Land Use on Land Prices

第1部分）数据库的建立根据国土厅发布的“Koujikakaku”统计数据和东京都政府提供的“Kijunchika”数据，我们建立了东京23个区的地价数据库（1982、87、90、91、92）。此外，我们还根据每一处房产的属性制作了一个“调整后”的数据库，并考虑了土地使用等质量（规定/实际），建筑物体积（管制/实际）、前方道路宽度、距最近车站的距离等。第二节地价模型的建立与估算我们建立了两个地价模型;净现值模型和享乐法模型。享乐法模型的准确性是通过根据不同的对照组（主要是那些使用类似土地资产的对照组）建立标准参数来提高的。此外，通过比较两种模型的数据，得出两种模型中哪一种模型的数据最准确，并在此基础上，对新的土地管制措施对土地价格的影响进行了定量估计。第三节结论根据上述估计，我们发现，《城市规划法》和《建设法》中的详细规定是合法的，（1992年修订）将对东京的地价产生负面影响。有鉴于此，与其向土地所有者提供货币补偿，我们的结论是，对政府来说，更重要的是制定政策，鼓励在修订后的法律范围内有效地利用土地。

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.