The purpose of this paper is to describe the development of real estate land market in China since 2004 and analyze the impact factors of residential land prices based on the data of the national dynamic monitoring system on land market. Statistical method and econometric tests are employed. The results indicate that there are four characteristics of China’s real estate land market. First, real estate land supply and real estate investment are interacted with each other;Second, the structure of real estate land supply is significantly affected by macro-economic regulation policies; Third, there was regional difference of residential land market; Lastly, the trend of land price is as same as that of house price while the fluctuation of land price was more volatile than that of house price. The paper further finds that the land prices were determined by both of the factors from demand side such as real estate price and real estate investment, and also the factors from supply side such as the area of real estate land supply. Besides, local fiscal income was also a significant factor that determined the land price. It is concluded that land market, house market and macro-economy are interacted with each other significantly. Meanwhile, land prices are affected by real estate land supply and land policies. It means that land policies of land supply can be used as a policy tool for macroeconomic regulations.% 研究目的：主要基于中国土地市场动态监测系统的数据，对2004年以来中国房地产用地市场发展和特点进行分析，并探讨影响房地产用地价格的主要因素。研究方法、描述分析、计量分析。研究结果：（1）中国房地产用地市场具有房地产用地供应与房地产投资关系密切、房地产用地供应结构受宏观调控政策影响显著、房地产用地市场区域差异性显著，以及房地产用地价格与商品房价格趋势一致但波幅更大等特点；（2）房地产用地价格不仅由商品房价格、房地产开发投资等需求面因素决定，而且受供地面积等供给面因素影响，此外，地方财政收入也是决定房地产用地价格的显著因素。研究结论：房地产用地市场运行与房地产市场、宏观经济之间具有显著的相互影响关系，同时，房地产用地供应及供地政策对房地产用地价格具有显著影响，供地政策（调节供地总量或结构）可作为房地产宏观调控的主要政策工具。
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