研究目的:从价格发现视角出发,研究土地出让价格信号对区域新建商品住宅价格的影响,以及市场形势在此过程中的调节作用。研究方法:事件研究法和回归分析。研究结果:(1)土地出让价格信号能够引起区域新建商品住宅价格的波动,负向信号导致区域新建商品住宅价格下跌。(2)在市场上涨期,正向信号与好的市场形势共同推动区域新建商品住宅价格的上涨。研究结论:土地出让价格信号是引起新建商品住宅价格波动的主要因素之一。
The purpose of this study is to analyze the effects of price signals in land market on the price of the newly-built residential building in a region based on the price discovery theory. Event study method and regression analysis were employed. The results show that( 1 )the negative signals lead to the decrease of newly-built housing price; (2)in a booming market, positive land price signal result in the increase of newly built housing price. The paper concludes that the price signal in land market is one of the important factors of the fluctuation of newly-buih housing price.