财政压力、经济刺激与以地引资——基于工业用地微观数据的经验证据  

Financial Pressure,Economic Stimulus,and Land Transfer for Investment Attraction——Empirical Evidence Based on Micro-Data of Industrial Land

作　　者：亓寿伟[1] 毛晖[1] 张吉东 QI Shouwei;MAO Hui;ZHANG Jidong(Zhongnan University of Economics and Law, 430073)

机构地区：[1]中南财经政法大学财政税务学院,430073

出　　处：《财贸经济》2020年第4期20-34,共15页Finance & Trade Economics

基　　金：教育部人文社会科学研究规划基金“区域环境规制的绿色增长效应研究——基于环境全要素生产率的视角”(19YJAZH062);中央高校基本科研业务费专项资金资助(2722019PY025,2722020PY032)。

摘　　要：尽管我国地方政府面临较大的财政压力,但各地为了招商引资,往往竞相低价出让工业用地。地方政府的土地出让策略反映了官员的行为驱动机制。本文基于2006—2015年我国289个地级市约34万宗工业用地出让的微观数据,按是否低于政策规定的最低出让价为标准,将工业用地出让划分为以地引资性质出让和正常出让两类。文章借助经济刺激政策的外生冲击,考察了财政压力下地方政府的工业用地出让策略,并探讨了官员特征对出让策略的影响。研究发现:财政压力会显著减少地方政府以地引资性质的工业用地出让。而当经济刺激政策出台后,尽管财政压力增大,但由于体制外融资渠道增多,财政压力对地方政府以地引资行为的约束作用明显减弱,导致地方以地引资的出让面积显著增加。从官员的晋升激励来看,在刺激政策实施后,任期更长的官员更倾向于增加以地引资的工业用地出让。因此,应合理安排中央与地方的财力与事权,把握宏观调控的力度和方式,同时构建起适应高质量发展需求的干部考核制度。Although China's local governments are facing greater financial pressure,they often sell industrial land at low prices to attract investment.Their land transfer strategies reflect officials'behavior-driving mechanism.Based on the micro-data of about 340,000 industrial land sales in 289 prefecture-level cities in China from 2006 to 2015,this paper divides industrial land transfer into two categories,namely land transfer for investment attraction and normal transfer.In the case of the former,the transfer price is lower than the minimum price stipulated by the central government.The paper examines the industrial land transfer strategy of local governments under financial pressure,and the impact of the features of different officials on the strategy after the implementation of economic stimulus policies.It is found that financial pressure will significantly reduce local industrial land transfer for investment attraction.However,after the introduction of economic stimulus policy in 2008,although financial pressure has increased,its influence on local governments'investment-induced land transfer behavior was significantly weakened due to the increase of out-of-system financing channels,thus significantly increasing the area of industrial land transferred for investment attraction.From the perspective of promotion incentives of officials,officials who have a longer term to serve were more inclined to sell industrial land to attract investment after 2008.Therefore,it is necessary to rationally allocate the financial resources and powers between central and local governments,to adapt reasonable macro-control method and strategy,and to build an official evaluation system that meets the needs of high-quality development.

关 键 词：财政压力 以地引资 工业用地出让 经济刺激 晋升激励 

分 类 号：F812.7[经济管理—财政学]