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Master development, land appreciation, and government finance: Evidence from the Disney project in Shanghai

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  • Xiaotong Li
  • Ying Li
  • Jinlan Ni
  • Jia Yuan

Abstract

Using the difference‐in‐differences method, this paper employs a unique government land transaction dataset at the individual level and investigates how much extra government revenue is generated by the Shanghai Disney Resort through land value appreciation in nearby areas. The results suggest that the Shanghai Disney project significantly increases the nearby land value and then increases local extra government revenue. The average annual extra growth rate was 9.81% (37.01 billion CNY) of Shanghai government revenue from 2009 to 2015 through nearby land value appreciation after the approval of the Shanghai Disney project in 2009. There also exists a heterogeneous impact of the Shanghai Disney project on different types of land value. Este estudio utiliza el método de diferencias en diferencias y emplea un conjunto de datos único de transacciones de tierras del gobierno a nivel individual para investigar la cantidad de ingresos extra del gobierno generados por el complejo turístico Disney Shanghái resultante de la apreciación del valor del suelo en las áreas circundantes. Los resultados sugieren que el proyecto de Disney Shanghái aumenta significativamente el valor del suelo en las cercanías y, por tanto, incrementa los ingresos locales extraordinarios del gobierno. La tasa media anual de crecimiento adicional fue del 9,81% (37.010 millones de CNY) de los ingresos del gobierno de Shanghái entre 2009 y 2015 gracias a la apreciación del valor del suelo en los alrededores tras la aprobación del proyecto de Shanghái Disney en 2009. También existe un impacto heterogéneo del proyecto de Shanghái Disney en los diferentes tipos de valor del suelo. 本稿では、差分の差分法を用いて、国有地取引の個人レベルでの一意のデータセットで、近隣地域の地価高騰により上海ディズニーリゾートがどれくらいの臨時歳入を生み出しているかを検討した。結果から、上海ディズニー・プロジェクトにより、近隣の地価が著しく上昇し、地方の臨時歳入が増加することが示唆された。2009年に上海ディズニー・プロジェクトが承認された後、近隣の地価高騰により、2009~2015年までの上海市の臨時歳入の年平均増加率は9.81%(370億100万元)であった。上海ディズニー・プロジェクトは、他にもさまざまなタイプの地価にさまざまな影響を及ぼしている。

Suggested Citation

  • Xiaotong Li & Ying Li & Jinlan Ni & Jia Yuan, 2022. "Master development, land appreciation, and government finance: Evidence from the Disney project in Shanghai," Papers in Regional Science, Wiley Blackwell, vol. 101(4), pages 1027-1046, August.
    • Handle: RePEc:bla:presci:v:101:y:2022:i:4:p:1027-1046
    DOI: 10.1111/pirs.12675
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