Market Efficiency under the Arrangement of Transaction Rules of the RCCL Market from the Supply-Side Perspective

This paper analyzes market efficiency under the formal transaction rules of the rural collective construction land (RCCL) market in Nanhai District. These transaction rules are not perfect, market uncertainty is strong, and transaction costs remain high. Transaction rules are an important means by which the government can intervene in the market, protect farmers’ land-use and income rights, and make the market more open, equitable, and just. Using a field survey (260 questionnaires) in Nanhai District, Guangdong Province, China, we estimated the impact of the openness, equity, and justice of transaction rules on the transaction costs of the RCCL market. Tobit models were constructed, and the results showed the following: (1) The overall level of market efficiency of the RCCL in Nanhai District is low. In different regions, the highest market efficiency is in Guicheng Street and the lowest is in Xiqiao Town. However, after excluding the influence of environmental and random factors, the overall level of market efficiency decreased, while the market efficiency of Lishui and Xiqiao Town increased. (2) The influencing factors of RCCL market efficiency under the arrangement of transaction rules are mainly related to the disclosure of information in the openness dimension, income distribution and supervision in the fairness dimension, and land-price formation in the fairness dimension. Therefore, we suggest that the lower the transaction cost of an RCCL market, the more active the market will be. It is very important to improve the transaction rules of the RCCL market, reduce the transaction cost, and improve the market efficiency. The transaction rules of the RCCL market should be further improved in the three dimensions of openness, equity, and justice. Our work provides insight into the improvement of market efficiency, which contributes to the development of the RCCL markets in other areas of China and worldwide.</jats:p

Effect of Transaction Rules on Enterprise Transaction Costs Based on Williamson Transaction Cost Theory in Nanhai, China

The high transaction costs due to the incomplete information and transaction rules of the rural collective construction land (RCCL) market indicate that the government must improve the rural collective construction land market. Transaction rules are an important means for the government to intervene in the market and promote the development of market order, to secure land tenure, and to improve the disclosure of information. Vertical integration may reduce enterprise transaction costs but will increase the governance cost of internal organizations in enterprises. Land commercialization and corporate governance restructuring is a considerable challenge worldwide. Using a field survey in Nanhai district, Guangdong province, China, we estimated how the transaction costs of the RCCL are influenced not only by three dimensions of transaction rules—openness, equity, and justice—but also by the human asset in EC or EJC. Tobit models were constructed, and the results show that (1) the greater number of collective leaders, the higher the enterprise transaction cost (human asset in EC or EJC increases transaction costs of enterprises) and (2) the transaction rules are not sufficiently open or fair, which leads to high costs of market information searching, opportunism, and corruption. The transaction information is not transparent and the lag in transaction supervision mode gives rise to unfair transactions, in which the formation mode of land price is unreasonable. Therefore, we suggest that the transaction rules of RCCL market should be further improved in the three dimensions of openness, equity, and justice. Chinese authorities should strengthen their current efforts to build a more open and fair market by reducing the transaction costs of enterprises and improving the transaction efficiency. Our work provides some insights into the improvement of market efficiency which will contribute to the development of the RCCL market in other areas of China and worldwide.</jats:p

Choice of Rural Collective Construction Land Sales and Rental Markets at the Theoretical Framework of Williamson’s Transaction Costs: Evidence from Nanhai District, Guangdong Province, China

The rural collective construction land (RCCL) market imperfections, as well as informal regulations, may have contributed to high transaction costs. Well-functioning land markets play an essential role in land-use revenue, land-use efficiency, and land allocation efficiency for the rural collective economic organization (RCEO). Therefore, specific land-use patterns and detailed transaction rules for the land rental market and land sales market, respectively, make a contribution to a suitable market model with lower transaction costs and higher market efficiency. Through an empirical investigation in Nanhai District, Gungdong Province, this article builds on the theoretical framework of Williamson’s transaction costs, where the asset specificity, uncertainty, and transaction frequency have a significant influence on the RCCL market model choice. Probit model results show that (1) the RCEO prefers to choose the land sales market when the RCCL market has higher asset specificity so that the land sales market can counteract transaction costs by creating land revenue for long-term investments. Thus, the land sales market is a more appropriate choice when the trading land is a large area in a great location. (2) The rental market choice is more suitable for the RCCL market with higher transaction uncertainty. Therefore, the RCEO can detail transaction rules for the land sales and rental markets, respectively. We propose that local governments need to announce regulations for the longest contract period and the land development planning (floor area ratio, building density, floor height, etc.) of different land-use types (industrial land and commercial land) for the land sales market and the land rental market

Identification of land use conflicts and dynamic response analysis of Natural-Social factors in rapidly urbanizing areas − a case study of urban agglomeration in the middle reaches of Yangtze River

The prolonged and rapid urbanization has intensified land use conflicts, consequently escalating ecological risks. However, the current deficiency in acknowledging the adverse ecological impacts of these conflicts hampers effective identification and governance. Taking the urban agglomeration in the middle reaches of the Yangtze River (UAMRYR) as an example, we analyzed regional land use conflicts in terms of scope, intensity, and spatial–temporal patterns based on the “risk-effect” conflict identification framework and the center of gravity-standard deviation ellipse method. Subsequently, we elucidated the dynamic response of the 12 natural-social factors to changes in conflict intensity using a random forest model. The results showed a significant 2.9 % decrease in the proportion of land use conflict areas during the latter decade (2010–2020) compared to the first decade (2000–2010), and there was a noticeable shift in the center of gravity of the conflict towards the northwest. Over the past 20 years, the predominant conflict intensity in the UAMRYR has been characterized as mild and moderate. Specifically, the proportion of mild and moderate conflict area accounted for 16.02 % and 8.51 % of the region’s total area from 2000 to 2010. This proportion decreased to 15.84 % and 7.62 % from 2010 to 2020, respectively. Variations in conflict intensity were mainly influenced by climate (annual precipitation, average annual temperature), topography (elevation), and economic development (GDP density), displaying pronounced nonlinear characteristics. Accordingly, the investigation of regional land use conflict driving mechanism and governance should fully consider the nonlinear response of the influencing factors. Additionally, this study provides methodological guidance for identifying land use conflicts in rapidly urbanizing areas, serving as a foundation for decision-making in territorial spatial governance

Can Market Reforms Curb the Expansion of Industrial Land?—Based on the Panel Data Analysis of Five National-Level Urban Agglomerations

As China entered marketization in the late 1980s, it soon established a market economy system and implemented tax-sharing reforms. Driven by the marketization, local governments have rapidly developed the economy under the pressure of fiscal competition caused by the reform of the tax-sharing system. Industrial land is an important factor of local economic development, and it enables local governments to invest heavily in the industrial sector to promote economic development, leading to urban expansion. In order to shed light on the relationship between the market reforms implemented by the Chinese government and the expansion of urban industrial land, this paper used the data of 77 prefecture-level cities in China’s five national-level urban agglomerations as research samples from 2007 to 2018. We first constructed the marketization rate of industrial land (MIL) and used the panel data model to examine whether China′s market reform will curb the expansion of industrial land. The results showed that: (1) land market reform can restrain the scale of industrial land expansion, and the impact is different in different urban agglomerations; (2) under the effect of marketization, foreign direct investment (FDI) has restrained the expansion of industrial land to a certain extent. The amount of industrial investment (AII), the ratio of secondary industry to GDP structure (RSG), and the number of industrial enterprises (NIE) will aggravate the expansion of industrial land. We suggest that the Chinese government should deepen the reform of land marketization and develop a differentiated land market mechanism. It is also necessary for local governments to develop stock land, improve the efficiency of industrial land use, increase the investment in advanced technology, and improve the intensive utilization of industrial land. The research provides a reference for other countries in the world that are developing in a transitional period to restrain unlimited land expansion and save land resources in the process of economic development

Choice of Rural Collective Construction Land Sales and Rental Markets at the Theoretical Framework of Williamson’s Transaction Costs: Evidence from Nanhai District, Guangdong Province, China

The rural collective construction land (RCCL) market imperfections, as well as informal regulations, may have contributed to high transaction costs. Well-functioning land markets play an essential role in land-use revenue, land-use efficiency, and land allocation efficiency for the rural collective economic organization (RCEO). Therefore, specific land-use patterns and detailed transaction rules for the land rental market and land sales market, respectively, make a contribution to a suitable market model with lower transaction costs and higher market efficiency. Through an empirical investigation in Nanhai District, Gungdong Province, this article builds on the theoretical framework of Williamson’s transaction costs, where the asset specificity, uncertainty, and transaction frequency have a significant influence on the RCCL market model choice. Probit model results show that (1) the RCEO prefers to choose the land sales market when the RCCL market has higher asset specificity so that the land sales market can counteract transaction costs by creating land revenue for long-term investments. Thus, the land sales market is a more appropriate choice when the trading land is a large area in a great location. (2) The rental market choice is more suitable for the RCCL market with higher transaction uncertainty. Therefore, the RCEO can detail transaction rules for the land sales and rental markets, respectively. We propose that local governments need to announce regulations for the longest contract period and the land development planning (floor area ratio, building density, floor height, etc.) of different land-use types (industrial land and commercial land) for the land sales market and the land rental market.</jats:p

Ecological Benefit Spillover and Ecological Financial Transfer of Cultivated Land Protection in River Basins: A Case Study of the Yangtze River Economic Belt, China

The ecological benefit of cultivated land is the non-market value or ecological service value created by cultivated land protection. Based on the trinity concept of comprehensive protection of quantity, quality, and ecology of cultivated land, this study calculates the ecological benefits of cultivated land protection in the Yangtze River Economic Belt. Through the theory of ecological supply and demand balance, the study estimated the ecological benefit spillover of cultivated land protection in the basin. The amounts and paths of ecological financial transfers for cultivated land are then examined by balancing the protection responsibilities and financial power of cultivated land. We found that overall the ecological benefits of cultivated land protection in the Yangtze River Economic Belt increased, reaching 773.224 billion RMB in 2017. Therein the upper, middle, and lower reaches compose 20.81%, 53.89%, and 25.30% of the ecological benefits. There are significant differences in the ecological benefits, respectively. There are significant differences in the ecological benefits and their variations of cultivated land within the River Basins. The ecological benefits of cultivated land in the Yangtze River Economic Belt demonstrated spatial spillovers within and between the upper, middle, and lower reaches. The middle reaches of the economic belt are the main ecological surplus areas of cultivated land. The ecological deficit areas of cultivated land are mainly distributed in the lower reaches. The spillover effect of the ecological benefits is evident between provinces. The increase of regional economy and ecological compensation policy for cultivated land can effectively stimulate the ecological benefits whereas the pressure of cultivated land protection and power spillovers are adverse to cultivated land ecological protection. The vertical and horizontal fiscal transfers in 2017 respectively amounted to 230.14 billion RMB and 27.24 billion RMB. Particularly, the upper, middle, and lower reaches received 13.07%, 58.41% and 28.52% of the ecological fiscal transfers, respectively. It is important to strengthen spatial spillovers and improve the horizontal and vertical ecological fiscal transfers for protecting ecology of cultivated land

Can China’s Market-Oriented Reform Improve the Efficiency of Industrial Land Use? A Panel Data Empirical Analysis at Prefecture Level From 2007–2019

China is entering rapid industrialization and urbanization since 1990’s with the urban land use payment reform. Nevertheless, higher rate of industrial land in construction land driving by local government-led industrial double growth competition fuels China the global biggest manufacturing giant and second largest economy on one hand, waste water, liquid and green house gas emission from industrial development has become more and more serious on the other hand, which has aroused a great concern nationally and globally. So low industrial land use efficiency (ILUE) is a big challenge besieging China at present. Whether the market-oriented reform of industrial land supply (MRIL) launched by the Chinese government can optimize the allocation of industrial land resources and improve the ILUE is urgent to be addressed at present. Basing on panel data of 270 prefecture-level cities in China from 2007 to 2019, we first construct marketization rate of industrial land (MIL) and examine the temporal and spatial change in MIL in each prefecture-level city. Then the impact of MIL on industrial land use efficiency (ILUE) is illuminated by super-efficient slacks-based measure (SBM) model including desirable and undesirable outputs. The results show that: 1) The overall level of the ILUE in China’s 270 prefecture-level cities was relatively low, which increase and decrease with the years. 2) China’s MRIL plays a positive role in the ILUE, but the impact is low. 3) The effect of MRIL on ILUE varies regionally, namely higher economic development and higher the effect, and the vice versa. We suggest both the central and local governments should target policy reform regarding the land market development and regional economic development. The research will contribute to ongoing market oriented and economic reform both in China and the transitional economies worldwide.</jats:p