土地财政、企业税收补贴与招商引资  

Land Financing,Corporate Tax Subsidy,and Investment Attraction

作　　者：张戎捷 孙伟增 李昊[1,2] 吴璟[1,2] Rongjie Zhang;Weizeng Sun;Hao Li;Jing Wu(Department of Construction Management,Hang Lung Center for Real Estate,Tsinghua University;School of Economics,Central University of Finance and Economics)

机构地区：[1]清华大学建设管理系 [2]清华大学恒隆房地产研究中心 [3]中央财经大学经济学院

出　　处：《经济学报》2021年第4期57-86,共30页China Journal of Economics

基　　金：国家自然科学基金面上项目“土地财政对城市经济增长的影响研究”(71874093)资助。

摘　　要：本文综合企业税收调查、土地出让和工商企业注册三方面微观数据,实证考察了中国经济发展过程中地方政府所采取的"土地财政→税收补贴→招商引资"的策略性行为。研究结果显示,一方面,当地方政府能够获得更高的居住用地出让收入时,会倾向于为辖区内企业提供更大力度的税收补贴,包括应缴税额补贴和税收征缴力度补贴。另一方面,提供税收补贴能够帮助地方政府吸引到更多的企业投资,但其中通过应缴税额补贴吸引到的投资具有更高的后续退出概率,即存在"引得来、留不住"问题。论文的研究发现丰富了对中国地方政府以土地财政为核心的城市经营模式的认知,也有助于解释当前地方政府招商引资过程中"招商容易养商难"的现实困境,对于正在推进的土地财政制度改革和招商引资策略调整具有政策借鉴价值。This paper employs three types of micro-level databases,namely,industrial-land-using-right selling data,enterprise tax survey data,and enterprise registration data,to empirically examinelocal governments’strategy of“land financing→tax sub sidy policy→investment attraction”in the process of economic growth in urban China.The results show that,on the one hand,the increase of residential land sales for local government can significantly increase the tax-due subsidies and tax-collection subs idies received by local enterprises,and the magnitude of this impact is much larger thanthat of regular fiscal revenue.On theother hand,both tax-due subsidies and tax-colle ctionsubsidiesassist in attracting more investment.However,the local governments haveto face the problemof“easy to attract but hard toretain”because the enterprises attracted by the tax-due subsidies face higher probability of exit.These findings enrich the un derstanding of Chinese local governments’urban management mode with land financing asthe co re and is helpful to understand the gap faced by local governments between attractingin vestment and nurturing enterprises.The findings also bring rich policy imp licationsfor the ongoing reforms of local governments’investment attraction strategy andland financing in China.

关 键 词：土地财政 税收补贴 招商引资 地方政府 

分 类 号：F301.2[经济管理—产业经济] F812F279.2