来源：Habitat International, Volume 146, 2024, 103053.

英文标题：Judicial auction housing discounts and housing segments interaction: Evidence from China

文章链接：https://www.sciencedirect.com/science/article/pii/S0197397524000535?dgcid=author

曲卫东 | 中国人民大学公共管理学院教授

黄奕淇｜中国人民大学公共管理学院博士研究生

论文简介：

在我国存量住房市场发展壮大的过程中，住房细分市场不断成长，尤其是近年来法拍房逐渐成为二手房供给的重要组成部分。本研究从买家风险偏好和市场相互作用的角度深入探讨了法拍房折价的潜在机制。通过分析中国11个代表性城市2017年7月至2020年10月的交易数据，本文的结果表明，中国法拍房市场的平均经济折旧约为14%，法拍房市场和一般二手房市场之间存在替代效应，且买家面临的购买风险对这一机制起到决定性作用。此外，整体市场环境的不确定性增加会加剧购房需求从司法拍卖市场流出，并导致法拍房进一步贬值。本文的研究结果强调了提高司法拍卖房屋质量和改善二手房市场信息透明度的必要性，为二手房市场相关政策的制定提供了参考。

英文摘要：

The urban resale housing market has seen an increasing influence from the judicial auction housing segment. This study delves into judicial auction housing discounts and the underpinning mechanisms from the standpoint of buyer risk preference and market interplay. Transaction data from 11 prominent cities in China, spanning July 2017 to October 2020, were analyzed. Principal empirical outcomes suggest an average economic depreciation for China's judicial auction housing market of approximately 14%, corroborated by our neighbor-matched sample. Key findings suggest a substitution effect between the judicial auction and regular resale segments and highlight the significance of purchasing risk as a determinant for this channel. Moreover, an increase in uncertainty about the overall market environment could intensify demand flowing out of the judicial auction market as well as its economic depreciation. The results offer insightful implications for policy designers, emphasizing the enhancement of judicial auction housing quality and the need for improving transparency of information in the resale housing market.

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