时 间：Jun.28th (Wednesday), 16:15-17:30PM

地 点：Room 211, Shuishang Teaching Building

主 题：Housing Market Responses to Transaction Taxes in China: Evidence from A Quasi-Natural Experiment

主讲人：Chuanyong Zhang

摘 要：

Various studies have widely focused on how an unexpected decrease in transaction tax has impacted housing prices. However, the literature has rarely discussed bargaining power’s effects on the housing market. This paper first builds a partial equilibrium model featuring transaction tax to understand the effect of asymmetric bargaining powers. We then use unique data in a quasi-natural experiment to empirically investigate how the asymmetric bargaining power between developers and buyers has distorted tax capitalization in housing prices. The findings indicate that after the transaction tax rate decreased by 2% compared with the control group, the treatment group’s transaction prices and frequencies increased by 1.7% and 7.3%, respectively, and buyers paid a larger part of this capitalization with a decrease in transaction tax. Moreover, we document some geographical heterogeneities to find that these effects are stronger in suburban areas, and for treated properties with smaller house sizes. These findings are robust to a sensitivity analysis.

报告人简介：

Zhang Chuanyong , Associate Professor of China Urban Governance Research Institute, School of International and Public Affairs, Shanghai Jiao Tong University, and a part-time researcher at the Financial Research Center of Fudan University. In June 2012, he obtained a Ph.D in economics from East China Normal University. In June 2014, he was a postdoctoral fellow in applied economics at Fudan University. From July 2014 to March 2018, he worked at East China Normal University. The research field is urban and real estate economics. He published more than 20 articles in English SSCI and Chinese core journals such as Urban Studies, Cities, Tourism Economics, Financial Research, and Statistical Research. The paper also presided over the vertical projects of the National Self-Symology Foundation, the Youth Fund, the Humanities and Social Sciences Fund of the Ministry of Education, and a number of government decision-making consultation topics. The relevant achievements have won the second prize of Shanghai Excellent Achievements in Decision-Making Consulting Research, World Chinese Real Estate Society. The second prize of the excellent paper and the first prize of the China Real Estate Academic Seminar. Currently, he is an anonymous reviewer of Chinese and English journals such as Urban Studies, Cities, Journal of Housing Economics, Journal of Urban Affairs, Housing Policy Debate, Economics Quarterly, and Financial Research.

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