Impact of Detailed Regulations for Land Use on Land Prices

第1节数据库的建立我们根据日本国土厅公布的“Koujikakaku”统计数据和东京都政府提供的“Kijunchika”数据，建立了东京都23个区（1982、87、90、91、92）的地价数据库。此外，我们根据每个物业的属性制作了一个“调整”的数据库，考虑到土地用途（监管/实际）、建筑体量（监管/实际）、前路宽度、到最近车站的距离等品质。第二节)开发地价模型和估算我们开发了两个地价模型；净现值（NPV）模型和享乐方法模型。后一种模型的准确性通过建立基于不同控制组的标准参数而得到提高，这些控制组主要是那些使用类似土地资产的控制组。此外，我们对两个模型进行了比较，以确定哪个模型提供了最准确的数据，并在此基础上，我们能够定量估计额外规定对土地价格的影响。从上述估计中，我们发现1992年修订的《城市规划法》和《建设法》中制定的详细规定将对东京的土地价格产生负面影响。有鉴于此，我们的结论是，政府更重要的是制定政策，鼓励在修订法案的范围内有效利用土地，而不是用货币补偿土地所有者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.