第二篇 土地財政與工業(yè)企業(yè)發(fā)展效應(yīng)研究

周夏飛 應(yīng)欣璇 馬騰

[提要]本篇從地區(qū)工業(yè)化水平、工業(yè)企業(yè)經(jīng)營效率及創(chuàng)新能力的角度，研究土地財政對工業(yè)企業(yè)發(fā)展的影響。研究發(fā)現(xiàn)，土地財政扭曲了產(chǎn)業(yè)結(jié)構(gòu)，引發(fā)了“早熟的去工業(yè)化”現(xiàn)象，其中房價上漲為主要影響渠道，政府規(guī)模擴張是重要渠道；土地財政有損工業(yè)企業(yè)的經(jīng)營效率，主要原因是土地財政背景下銀行對工業(yè)企業(yè)貸款期限結(jié)構(gòu)的短期化，以及企業(yè)偏好房地產(chǎn)投資；土地財政阻礙了工業(yè)企業(yè)創(chuàng)新，通過房地產(chǎn)投資上升和政府研發(fā)補助縮減產(chǎn)生“擠出效應(yīng)”。研究結(jié)論凸顯了地方政府行為對經(jīng)濟發(fā)展轉(zhuǎn)型的影響。

[關(guān)鍵詞]土地財政；工業(yè)化；經(jīng)營效率；創(chuàng)新

Research on Land Finance and I't s Influence on the Development of Industrial Enterprises

ZHOU Xiafei YING Xinxuan MA Teng

Abstract:This part investigates the influence of land finance on the development of industrial enterprises, including the effects on the level of industrialization, operational efficiency and innovation of industrial enterprises.The research finds that, land finance distorts industrial structure and results in premature de-industrialization, in which the increase of property price is the main channel while the expansion of government scale is an important channel.Land finance weakens the operational efficiency of industrial enterprises, and the shortened bank loan maturity structure is the main channel while the outspread real estate investment is an important channel.Land finance damages the enthusiasm for innovation, which results from the increasing interest in real estate and the decreasing public R&D subsidies.Our empirical research indicates that land finance gives rise to real estate bubble and impedes industrial transformation and upgrading.Our conclusion highlights the impacts of the behavior of local government on the transformation of economic development.

Key Words:Land Finance; Industrialization; Operational Efficiency; Innovation