Policy uncertainty and land transaction prices in China

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外文摘要：Economic policy uncertainty has prominent effects on investment and output.Using unique transaction-level data in China,this paper explores the impact of economic policy uncertainty on land transaction premiums in China.On average,a 1％increase in the policy uncertainty level reduces land transaction premiums by 3.907 percentage points.The impact of policy uncertainty is more profound for firms with tighter financial constraints and land located in cities with lower rent-to-price ratios.The influence of policy uncertainty becomes weaker after the anti-corruption campaign in China,especially in provinces scrutinised by the central inspection teams,implying that improvements in the political environment alleviates the impact of policy uncertainty.

外文关键词：

Policy uncertaintyland transactionprice premiumanti-corruption campaign

作者：

Xiaoyang Li、Mo Liang、Jidong Yang

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作者单位：

School of Accounting and Finance,The Hong Kong Polytechnic University,Hong Kong SAR,China

School of Finance,Renmin University of China,Beijing,China

School of Economics,Renmin University of China,Beijing,China

基金：

National Natural Science Foundation of ChinaNational Natural Science Foundation of ChinaHumanities and Social Sciences Research Project of the Ministry of EducationFundamental Research Funds for the Central Universities and the Research Funds of Renmin University of China

项目编号：

723031977180318822YJA79007623XNA011

出版年：

2024

DOI：

10.1080/20954816.2023.2298971

经济与政治研究(英文版)

ISSN：

年,卷(期)：2024.12(2)