不同部门信贷杠杆对地方政府土地出让的推动机制研究  

A Study of the Driving Mechanism of Credit Leverage of Different Departments on Land Transferring of Local Governments

作　　者：马海涛 丁树 杨燕英[2] MA Hai-tao;DING Shu;YANG Yan-ying(Central University of Finance and Economics,Beijing 100081;Guangdong University of Finance,Guangzhou 510521,China)

机构地区：[1]中央财经大学财政税务学院,北京100081 [2]中央财经大学政府管理学院,北京100081 [3]广东金融学院金融与投资学院,广东广州510521

出　　处：《当代财经》2020年第9期39-51,共13页Contemporary Finance and Economics

基　　金：国家社会科学基金重大项目“实质性减税降费与经济高质量发展”(19ZDA070);广州市哲学社会科学发展“十三五”规划项目“‘三旧’改造财税政策对广州经济增长的影响机制与优化路径研究”(2020GZGJ154);广东省普通高校青年创新人才类项目“粤港澳大湾区城市土地集约利用的税制优化路径研究”(2019WQNCX083)。

摘　　要：近年来,我国围绕土地制定了多方位的信贷管控措施,包括政府专项债不得用于土地收储、金融机构不得为房企缴交土地出让价款提供融资、执行购房"限贷"政策,着力对政府、房地产企业、购房者信贷杠杆进行约束,但各部门的信贷杠杆对土地出让的推动作用大小尚不明确。为辨析该问题,通过在DSGE模型中引入不同部门信贷杠杆约束,着力分析不同部门信贷杠杆对地方政府土地出让的推动机制。结果显示:信贷杠杆是驱动地方政府土地出让的重要外部因素。其中,购房环节的信贷杠杆起主导作用,相对于房地产企业和政府的信贷杠杆而言,购房者的信贷杠杆对土地出让推动力更强,很好解释了财政压力增大后地方政府首先松绑居民购房贷款约束的政策宽松化努力。因此,应将房地产宏观调控重点着力于居民购房的"限贷"政策,防范购房环节的信贷漏洞,强化购房贷款"硬约束",建立全国跨区域统一的联网信息系统,提高"限贷"政策约束力。In recent years,China has formulated multi-azimuth credit control measures around the land,including the government special bond not to be allowed to use in land purchasing and storage,the financial institutions not to be allowed to provide financing for housing enterprises to pay land transfer fees,implementing the credit limited policy in purchasing houses,and restricting forcefully the credit leverage of the government,real estate enterprises and house buyers;however,the driving effect of the credit leverage of different departments on land transfer is still not clear.In order to clarify this problem,this paper tries to analyze the driving mechanism of credit leverage of different departments on the land transfer of local governments by introducing credit leverage constraints of different departments into the DSGE model.The results indicate that credit leverage is an important external factor driving local governments to sell land,and that among different kinds of credit leverages,the credit leverage at the stage of house purchase is playing a leading role.Compared with the credit leverage of real estate enterprises and government,the credit leverage of house buyers has a much stronger driving force on land transferring,which well explains the policy easing efforts that local governments have tried to loosen the constraints of real estate’s loans on residents when faced with increased financial pressures.Therefore,the macro-control of real estate market should be focused on the limited credit policy for residents to buy houses,the credit loopholes at the house-purchase stage should be prevented,the“hard constraints”on house-purchase credits should be strengthened,a national cross-regional unified networking information system should be established,so as to improve the constraints of the limited credit policy.

关 键 词：地方政府 信贷杠杆 土地出让 DSGE模型 

分 类 号：F061.6[经济管理—政治经济学]