土地价格补贴、资本深化与就业吸纳不足——来自中国工业企业的微观证据  

Land price subsidy,capital deepening and insufficient employment:evidence from Chinese industrial enterprises

作　　者：蔡思远 陆军[1] 毛文峰 黄伟杰 CAI Siyuan;LU Jun;MAO Wenfeng;HUANG Weijie(School of Government,Peking University,Beijing 100871,China)

机构地区：[1]北京大学政府管理学院,北京100871

出　　处：《产业经济研究》2022年第2期27-42,共16页Industrial Economics Research

基　　金：国家自然科学基金面上项目(42171174)。

摘　　要：基于改进的土地补贴构造方法,并通过文本向量化算法模糊匹配土地交易数据与中国工业企业数据库,考察了土地价格补贴对企业劳动力使用的影响。结果表明,土地价格补贴显著且持续降低了企业的就业吸纳能力,核心逻辑机制链条为“土地价格补贴—融资约束缓解—资本深化加剧—企业劳动力使用比例下降”。企业微观决策扭曲最终在宏观上表现为“土地引资”促进“以地融资”,造成城镇化过程中的就业创造不足。异质性分析结果表明:除了资本密集型产业,非资本密集型产业的劳动力使用同样受到显著抑制;土地价格补贴对私营企业的影响最为显著,而国有企业与外资企业的劳动力使用则不受影响。研究结论表明不同要素市场之间存在价格传导机制,从而为解释中国城镇就业不足现象提供了新的微观视角。其重要的政策含义为,在当前户籍制度改革进度相对较快的同时,不能忽视土地与资本要素的市场化改革进程。A text vector algorithm is used to match a land-transaction dataset with China Industrial Enterprise Database to investigate the influence of land-price subsidies on the employment of enterprises based on the improved measurement of land subsidies.The results show that land-price subsidies significantly and continuously reduce the employment absorption capacity of enterprises.The pivotal mechanism is land price subsidy-financing constraint alleviation-capital deepening-the decline of labor proportion.The distortions in enterprise decision-making can be explained by the phenomena of land investment and land financing and result in a lack of employment in the process of urbanization.The heterogeneity analysis shows that the employment of both capital-and non-capital-intensive industries are significantly restrained.The impact of land price subsidy is most significant on private enterprises,while the employment of state-owned enterprises and foreign enterprises is not affected.Our findings reveal the mechanism for price transmission between different factor markets and provide a new and detailed perspective to explain the phenomenon of insufficient employment in cities in China.The important policy implication is that while the current reforms of the Hukou system are progressing relatively fast,the marketization process in respect of land and capital factor cannot be ignored.

关 键 词：土地价格补贴 资本深化 就业吸纳 融资约束 土地抵押 

分 类 号：F424.1[经济管理—产业经济]