中国土地财政的发展脉络、影响效应及改革方向  

The Development Trace,Influential Effect and Reform Direction of Land Finance in China

作　　者：吴炳辉[1] 何建敏[1] 

机构地区：[1]东南大学经济管理学院,江苏南京211189

出　　处：《经济管理》2015年第3期1-11,共11页Business and Management Journal ( BMJ )

基　　金：国家社会科学基金重大项目"地方政府性债务管理和风险防范研究"(12&ZD047);江苏省普通高校研究生科研创新计划"基于Multi-Agent的股票市场投资者行为风险传染研究"(KYZZ_0081)

摘　　要：近些年房地产业的快速发展和地方政府债务危机的不断显现,使土地财政问题成为学术热点领域之一。本文对土地财政的主流观点进行了概括和分类,并在此基础上重构了土地财政的核心内涵。当前我国土地财政的现状表明,次贷危机后全国土地出让金总额明显增速过快,地方政府在巨额土地出让金的支持下继续实施着以政府投资为主体的经济刺激政策,但是,土地使用权交易规模过大及土地价格的快速上涨却又引发了一系列经济金融风险。研究发现,在土地供给量和土地价格无法持续增长的情况下,以土地出让金为政府主要收入来源的做法并不能彻底解决财政收支不平衡及政府债务等问题,也为宏观经济的健康发展埋下了隐患。同时,一旦土地价格出现趋势性下降,地方政府很可能发生信用违约行为,致使流向房地产业的信贷资金无法回笼,并给整个金融系统带来流动性冲击。鉴于此,本文认为,我国土地财政未来的改革方向应集中在经济增长方式的多元化、政绩考核机制的科学化、土地出让制度的完善化和政府财政收入的规范化等方面。In recent years,our country has implemented large scale infrastructure projects leaded by the government and real estate investments leaded by the private capital in order to deal with the influences coming from domestic and international environment in the post crisis era. The domestic environment shows insufficient domestic demand and consumption, and the international environment presents the decline in export capacity. Under the circumstances, the preferred economic growth pattern adopted by administrators is governmental investment to drive economic growth. As the government needs funds for infrastructure construction and the real estate developer needs land usage right, the transfer of land usage right makes the demand of land link with the supply of land. At the same time, with the rapid increase of house price and the expansion of government debt scale,land finance has been becoming a hotspot research field. This paper first summarizes and classifies mainstream view of land finance, and redefines the core connotation of land finance. What the core connotation of land finance shows in this article is a kind of government actions by transferring land usage right for obtaining various fees and taxes associated with land transferring. The reform pilot of land finance can be traced back to 1980s of the last century ,and the development of land finance comes to a maturi- ty after a series of regulations enacted and revised. From the current status quo of land finance in China, the amount of land transferring fees increases too fast especially after subprime crisis. Under the support of land transferring fees, local government continually carries out original policy of economic impetus represented by government invest- ment. In particular,land transferring fees exceed 3.9 trillion yuan in 2013. A large scale of land transferring fees gives a strong impetus to the paces of economic growth and urbanization construction. However, the price of land usage right is getting higher and higher and the speed of land tran

关 键 词：土地财政 经济增长 政府债务 改革方向 

分 类 号：F810.2[经济管理—财政学]