中文摘要：

研究目的：探讨地权安全性及农村住房租赁市场的发育如何影响农户住宅投资行为。研究方法：建立跨期农户选择模型,并推导出一系列命题与推论。在此基础上利用2010年浙江省杭州市城乡交错区24个村465户农户的样本对本文的命题和推论进行实证检验。研究结果：（1）安全的产权能够促进投资。（2）市场交易权能够促进投资。（3）如果存在可能阻碍投资收益的政策,投资激励会降低;政策对投资收益的损害程度越小,对投资的阻碍越小。研究结论：地权安全性与住房租赁市场的发育对农户住房投资行为有显著的影响,有保障的地权和对住房租赁市场的合理规范及引导对于提高资源利用效率有重要的意义。

英文摘要：

The purpose of this paper is to explore that how land tenure security and the development of rural housing rental market affect households’housing investment decision.Based on a two-period model we draw several propositions about households’housing investment behaviors.We further use a set of first-hand survey data of 465 households from 24 villages in Hangzhou,China to validate the hypotheses.The following results are found.First,secure land tenure promotes investment.Second,the right to transfer stimulates investment.Last,if the policy somehow prevents households from enjoying the investment interests,less investment would be made in the first place.We conclude that the tenure security and the development of housing rental market have significant impact on households’housing investment decision.Thus,policies aiming at secured tenure and well-functioned housing rental market may have valuable implications on enhancing land use efficiency.