The formation mechanism of property rights dynamic allocation in the renewal of existing industrial land: A case study based on industrial real estate model

Based on the Williamson's four-level analysis framework and utilizing residual rights theory as an analytical tool, this paper explores the formation mechanism of dynamic property rights allocation in the renewal of stock industrial land under the industrial real estate model. The research findings are as follows: (1) From the perspective of property rights allocation, the essence of stock industrial land renewal under the industrial real estate model is a process in which local governments, industrial real estate developers, and settled enterprises engage in property rights reconstruction and interest restructuring around specific rights and residual rights of stock industrial land after changes in the institutional environment. (2) The formation mechanism of dynamic property rights allocation manifests as changes in the institutional environment driving behavioral agents to respond, thereby affecting the dynamic adjustment of property rights. Specifically, in market-driven renewal parks facing uncertainties such as land rent differences and target improvements, market entities will explore and adjust land use behaviors to achieve the restructuring of rights of stock industrial land; in government-driven renewal parks, local governments will reallocate the rights of stock industrial land through a parallel mechanism of contract optimization and incentive constraints. (3) Institutional provisions such as mixed land use policies, dual-agreement supply policies, and divided transfer policies can fully delineate specific rights and narrow the scope of residual rights. Meanwhile, a parallel mechanism based on composite incentives and constraints involving taxation, reputation, subsidies, and equity can reasonably align residual control rights with residual claim rights. Therefore, based on top-down policy supply and contract optimization, supplemented by the parallel mechanism of composite incentive and constraint, it is conducive to achieve dynamic equilibrium of property rights in the sustainable renewal of stock industrial land.