土地市场化可以缓解企业融资约束吗  

Can Land Marketization Alleviate the Financing Constraints on Enterprises?

作　　者：龚广祥 朱月季[2] GONG Guang-xiang;ZHU Yue-ji(Wuhan University,Wuhan 430072;Hainan University,Haikou 570228,China)

机构地区：[1]武汉大学中国中部发展研究院,湖北武汉430072 [2]海南大学管理学院,海南海口570228

出　　处：《江西财经大学学报》2020年第3期3-13,共11页Journal of Jiangxi University of Finance and Economics

基　　金：教育部人文社科青年项目“农地发展管制的外部性空间扩散轨迹与农户经济补偿制度创新研究”(17YJC790078)。

摘　　要：企业"融资难"问题一直是各界关注和讨论的热点,但目前尚未有研究考察中国特殊的土地市场化制度改革对企业融资约束的影响。利用世界银行2012年中国企业调查数据,从土地市场化制度改革影响土地及其附属物抵押价值视角,考察土地市场化对企业融资约束的影响。研究发现,土地市场化能够显著缓解企业融资约束,在克服潜在的内生性问题等一系列稳健性检验后研究结论依然成立。从城市特征来看,土地市场化更能缓解行政级别低、财政缺口轻、东部地区企业融资约束;从企业特征来看,与国有企业相比,土地市场化更能缓解民营企业融资约束。需要继续完善土地市场化制度,提高土地市场化水平,以提高土地资源配置效率,发挥土地融资功能,缓解企业融资约束。The financing difficulty of enterprises has always been the focus of attention and discussion from all walks of life.However,there has not been any research on the impact of the special land marketization system reform on financing constraints on enterprises in China.By making use of the survey data of Chinese enterprises obtained by the World Bank in 2012 and from the perspective of the impact of land marketization system reform on the mortgage value of land and its appendages,this paper investigates the impact of land marketization on the enterprise financing constraints.The findings show that land marketization can significantly alleviate the enterprise financing constraints,and this conclusion is still valid after overcoming a series of robustness tests such as the potential endogenous problems.In terms of urban characteristics,land marketization plays a more significant role in alleviating financing constraints on the enterprises with lower administrative level,narrower financial gap and located in eastern regions.In terms of enterprise characteristics,compared with state-owned enterprises,land marketization can better alleviate the financing constraints on private enterprises.In order to alleviate the financing constrains on the enterprises,it is necessary to improve the land marketization system continuously,improve the level of land marketization,improve the efficiency of land resource allocation,and give full play to land financing.

关 键 词：土地市场化 融资约束 抵押价值 民营企业 

分 类 号：F321.1[经济管理—产业经济]