城市轨道交通的溢价回收从理论到现实.doc

城市轨道交通的溢价回收：从理论到现实[1] Urban Rail Transits Value-Added Capture: From Theory to Reality 郑思齐1,2，胡晓珂1，张博1,2，王守清1 （1：清华大学建设管理系；2：清华大学恒隆房地产研究中心） 摘要：城市轨道交通是高效绿色的公共交通方式，其社会效益巨大，为周边土地带来显著的溢价效应。本文通过归纳总结国际和国内的代表性实证研究，发现在国际上和中国大陆的许多城市中，这种土地溢价效应普遍存在，其中住宅物业的溢价范围在5%到25%之间。这部分溢价是公共投资创造的，国际上普遍采用基于税收和“联合开发”的溢价回收模式，将这个正外部性内部化，来补偿巨大的建设和运营成本。尽管溢价效应在中国大陆城市中已经普遍形成，但上述两种模式都遇到制度性制约而难以实行。大陆目前通过出让轨道交通沿线土地一次性回收溢价的模式，存在不利于轨道交通建设运营可持续发展的若干问题。目前有些城市已经开始各种新的尝试来实现更有效的溢价回收，但其效果和复制性如何仍有待观察。 关键词：轨道交通；溢价效应；溢价回收；联合开发；土地价值税 Authors: Siqi ZHENG, Xiaoke HU, Bo ZHANG,Shouqing WANG Abstract: Urban rail transit as anefficient and green kind of public transportation, can generate enormous socialbenefits and bring significant land value appreciation for nearby locations. Thispaper, based on review and summary of empirical researches on such valueappreciation in some cities in other countries and in mainland China, findsthat this value appreciation effect widely exists with the range of 5 percentto 25 percent of the original land value or housing price. This valueappreciation is created by public investment, and thus should be internalized,which is called “value capturing”, to compensate for the huge construction andoperation costs. In western countries and Hong Kong, this value capturing isachieved by taxing nearby land and/or integrated development of subway and nearby landparcels, respectively. Although empirical studies also show this valueappreciation effect significantly exists in Chinese cities, those two valuecapturing models are not feasible due to institutional constraints. Land saleis the major channel to capture such land value appreciation in mainland Chinesecities, which is not a sustainable for rail transit construction and operation.Some cities have tried some other value capturing models but whether suchmodels can be successful is still an open question. KeyWords:RailTransit, Value-Added Effect, Value Capturing, Integrated Development, Land Tax 一、城市轨道交通溢价回收的理论基础和基本模式 伴随着我国城镇化水平的快速推进，城市人口迅速增长，私家车