Progress Review on Land Science Research in 2014 and Prospects for 2015: Sub-report on Land Market and Land Institutions

The purpose of this paper is to summarize the research progress on land market and land institutions in 2014 and give prospect for 2015. Method of documentation was employed. The results indicate that scholars have proposed that the reasonable institutional arrangements can improve operating efficiency of the land market. Domestic scholars have mainly analyzed the price fluctuation and the participation's behavior of land market, and the relationship between land market and macroeconomic environment. China's rural land market issues have become important topics in the field of new institutional economics, especially the Property Theory. Foreign and domestic scholars concern about land ownership, land expropriation and government action, but the research angles are different. The conclusions show that the focuses of land market study in the future might be the governance structure of China's rural land supply, the participation's behavior in the process of rural land circulation from the perspective of behavioral economics, and the financial problems through the game theory, such as the principal-agent model. The focuses of land institution study might be the system design and policy evaluation of unified system for urban and rural construction land market, the reform of the land acquisition system, land legislation and enforcement, land right certification and other aspects.