土地抵押融资、基础设施属性与地方经济增长  

Land Mortgage Financing,Quality of Infrastructure and Local Economic Growth in China

作　　者：陈俊华[1] 刘娜 卓贤[2] CHEN Junhua;LIU Na;ZHUO Xian(School of Management Science and Engineering,Central University of Finance and Economics,Beijing 100081,China;Department of Development Strategy and Regional Economic Research,Development Research Center of the State Council,Beijing 100010,China)

机构地区：[1]中央财经大学管理科学与工程学院,北京100081 [2]国务院发展研究中心发展战略和区域经济研究部,北京100010

出　　处：《当代经济科学》2022年第6期13-27,共15页Modern Economic Science

基　　金：国家自然科学基金项目“中国城市住房不平等现象研究:成因机理、影响效应与政策应对”(72074237);国家自然科学基金项目“金融干预下的城镇化:机制、影响与对策”(71573063)。

摘　　要：中国地方经济增长对土地红利依赖甚多,既有研究大多关注土地出让的经济作用,对土地抵押融资的经济效应缺乏深入探讨。基于基础设施属性研究视角,构建土地抵押融资与地方经济增长关系的理论模型,并运用83个城市2007—2015年的面板数据,实证检验三者间的理论关系。研究发现,土地抵押融资显著促进了地方经济增长;基于基础设施属性的作用机制分析结果表明,土地抵押融资能通过提升经济基础设施建设水平,进而实现地方经济跨越式增长,而社会基础设施并无此显著间接效应。进一步讨论发现,未来经济发展空间相对较大的城市更愿意采用土地抵押融资模式来投资经济基础设施建设,以期在短期内实现地方经济增长。但基于时间维度的可持续性分析表明,土地抵押融资对地方经济增长的支持作用已呈现逐步下降趋势。Under China’s unique land institutional arrangement,land mortgage financing has become an important engine for local economic growth.Especially,since the financial crisis in 2008,this financing channel has well supported the development needs of the large-scale expansion of infrastructure construction with the constraints of limited funds.In reality,the allocation of land mortgage loans often has different preferences for the infrastructures with different qualities.However,existing studies mainly focus on the relationship between land mortgage financing and total infrastructure construction,and fail to analyze the deep logic of land mortgage financing on local economic growth from the quality of infrastructure.This paper,based on China’s realistic system,constructs a theoretical model describing the relationship between land mortgage financing and local economic growth and puts forward four research hypotheses from the perspective of the quality of infrastructure.Then,an empirical analysis is conducted based on the data of land mortgage loans in 83 cities from 2007 to 2015 to examine the relationship among land mortgage financing,quality of infrastructure,and local economic growth.Research results show that land mortgage financing has a significant and positive impact on local economic growth.Specifically,land mortgage financing can facilitate the local economic growth by improving the construction level of economic infrastructure,while the social infrastructure does not have a significant mediation effect.Further,in order to achieve economic growth in a short period,the local government in a city with relatively larger room for economic development is more willing to use the land mortgage financing model to invest in economic infrastructure.However,the sustainability of land mortgage financing in supporting local economic growth becomes weaker over time.The marginal contribution of this paper is mainly reflected in three aspects.First,it discusses the theoretical relationship between land mortgage financing

关 键 词：土地抵押融资 基础设施属性 经济基础设施 社会基础设施 地方经济增长 

分 类 号：F832.4[经济管理—金融学] F301.2F127F283