Study on the market transaction mechanism of the transferable development rights of land reservations for public facilities
博士 === 國立政治大學 === 地政研究所 === 98 === The transferable development rights (TDR) of land reservations for public facilities are a unique transferring method of development rights in Taiwan. This system allows the owners of land reservations for public facilities to sell the land, through market transact...
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ndltd-TW-098NCCU51330392015-11-02T04:04:01Z http://ndltd.ncl.edu.tw/handle/11513176344489221337 Study on the market transaction mechanism of the transferable development rights of land reservations for public facilities 公共設施保留地容積移轉市場交易機制之研究 劉厚連 博士 國立政治大學 地政研究所 98 The transferable development rights (TDR) of land reservations for public facilities are a unique transferring method of development rights in Taiwan. This system allows the owners of land reservations for public facilities to sell the land, through market transaction mechanism and before the acquisition by the government, to developers through TDR in order to earn land transferring compensation. This system can also reduce the financial burden on the government on land acquisition. However, TDR has been questioned for deteriorating the urban living environment due to overdevelopment, and the transaction mechanism may reduce the market function and efficiency due to high transaction costs. Therefore, this study aims to design a market mechanism that can control the impact of TDR on the living environment, create an environment that is conducive to market formulation and price maintenance, and reduce the transaction costs of sellers and buyers, in order to facilitate the efficiency of market transaction and realize the fairness on the land owners. This paper first analyzes the imbalance between the TDR supply and demand from the market supply and demand perspective, and examines the effect of TDR of land reservations for public facilities on volume price in the market, as well as the market operational factors and supply/demand conditions that affect the success of TDR plans. Then, it discusses the surplus distribution of buyers and sellers, and applies the concept of Nash Equilibrium in the Game Theory to analyze the equilibrium solution of price bargaining. It aims to expound on how land owners could raise the TDR price under insufficient information due to information asymmetry during the bargaining process, and enhance the contribution of this system on the proprietorship of the land owners on land reservations for public facilities. Third, this paper applies the intermediation theory to discuss the advantages of TDR banks in solving the problem of transaction costs, and explains the reason that non-profit characteristics are more likely to guarantee the success of TDR plans. Fourth, based on the above discussions, this paper aims to improve the market mechanism of the TDR of land reservations for public facilities, and conduct questionnaire survey on experts and interest parties in order to collect opinions on the improvement schemes. Lastly, this paper proposes the market mechanism of using TDR bank as the policy executor of TDR, and establishing a non-profit TDR bank in each city/county by the local government as a transaction platform for TDR transaction. TDR bank operational fund should be established for exclusive use on the policy-oriented purchase of TDR of land reservations for public facilities. Thus, the TDR bank has the functions of providing information, mediating, price guiding, and transaction guaranteeing, in order to reduce the TDR transaction costs, create a favorable transaction environment, ensure the land owners of land reservations for public facilities to sell their lands at reasonable prices, reduce the financial burden of the government, and maintain a fair urban living environment. Suggestions are provided based on the research findings as a reference to the government on improving the TDR system of land reservations for public facilities. 賴宗裕 2010 學位論文 ; thesis 224 zh-TW |
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博士 === 國立政治大學 === 地政研究所 === 98 === The transferable development rights (TDR) of land reservations for public facilities are a unique transferring method of development rights in Taiwan. This system allows the owners of land reservations for public facilities to sell the land, through market transaction mechanism and before the acquisition by the government, to developers through TDR in order to earn land transferring compensation. This system can also reduce the financial burden on the government on land acquisition. However, TDR has been questioned for deteriorating the urban living environment due to overdevelopment, and the transaction mechanism may reduce the market function and efficiency due to high transaction costs. Therefore, this study aims to design a market mechanism that can control the impact of TDR on the living environment, create an environment that is conducive to market formulation and price maintenance, and reduce the transaction costs of sellers and buyers, in order to facilitate the efficiency of market transaction and realize the fairness on the land owners.
This paper first analyzes the imbalance between the TDR supply and demand from the market supply and demand perspective, and examines the effect of TDR of land reservations for public facilities on volume price in the market, as well as the market operational factors and supply/demand conditions that affect the success of TDR plans. Then, it discusses the surplus distribution of buyers and sellers, and applies the concept of Nash Equilibrium in the Game Theory to analyze the equilibrium solution of price bargaining. It aims to expound on how land owners could raise the TDR price under insufficient information due to information asymmetry during the bargaining process, and enhance the contribution of this system on the proprietorship of the land owners on land reservations for public facilities. Third, this paper applies the intermediation theory to discuss the advantages of TDR banks in solving the problem of transaction costs, and explains the reason that non-profit characteristics are more likely to guarantee the success of TDR plans. Fourth, based on the above discussions, this paper aims to improve the market mechanism of the TDR of land reservations for public facilities, and conduct questionnaire survey on experts and interest parties in order to collect opinions on the improvement schemes.
Lastly, this paper proposes the market mechanism of using TDR bank as the policy executor of TDR, and establishing a non-profit TDR bank in each city/county by the local government as a transaction platform for TDR transaction. TDR bank operational fund should be established for exclusive use on the policy-oriented purchase of TDR of land reservations for public facilities. Thus, the TDR bank has the functions of providing information, mediating, price guiding, and transaction guaranteeing, in order to reduce the TDR transaction costs, create a favorable transaction environment, ensure the land owners of land reservations for public facilities to sell their lands at reasonable prices, reduce the financial burden of the government, and maintain a fair urban living environment. Suggestions are provided based on the research findings as a reference to the government on improving the TDR system of land reservations for public facilities.
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author2 |
賴宗裕 |
author_facet |
賴宗裕 劉厚連 |
author |
劉厚連 |
spellingShingle |
劉厚連 Study on the market transaction mechanism of the transferable development rights of land reservations for public facilities |
author_sort |
劉厚連 |
title |
Study on the market transaction mechanism of the transferable development rights of land reservations for public facilities |
title_short |
Study on the market transaction mechanism of the transferable development rights of land reservations for public facilities |
title_full |
Study on the market transaction mechanism of the transferable development rights of land reservations for public facilities |
title_fullStr |
Study on the market transaction mechanism of the transferable development rights of land reservations for public facilities |
title_full_unstemmed |
Study on the market transaction mechanism of the transferable development rights of land reservations for public facilities |
title_sort |
study on the market transaction mechanism of the transferable development rights of land reservations for public facilities |
publishDate |
2010 |
url |
http://ndltd.ncl.edu.tw/handle/11513176344489221337 |
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