工业用地出让价格对企业投资的影响:基于“以地引资”的视角  

Impact of Industrial Land Transaction Prices on Firm Investment:Based on the Perspective of Attracting Investment Through Land

作　　者：冯晨 朱星姝 吴丰华[3] 刘鑫鑫 FENG Chen;ZHU Xingshu;WU Fenghua;LIU Xinxin(School of Economics and Finance,Xi'an Jiaotong University;School of Public Finance and Taxation,Zhejiang University of Finance and Economics;School of Economics and Management,Northwest University;College of Economics and Management,Xi'an University of Posts and Telecommunications)

机构地区：[1]西安交通大学经济与金融学院 [2]浙江财经大学财政税务学院 [3]西北大学经济管理学院 [4]西安邮电大学经济与管理学院

出　　处：《数量经济技术经济研究》2023年第11期180-201,共22页Journal of Quantitative & Technological Economics

基　　金：国家社科重大项目(19ZDA076);北大—林肯中心2023~2024年度研究基金西部项目;广东省哲学社会科学创新工程2022年度特别委托项目(GD22TWCXGC04)的资助。

摘　　要：中国地方政府有关工业用地出让方面是否应遵循“以地引资”的逻辑目前在学界仍存在不小争论,答案莫衷一是。基于地块和企业微观数据,本文系统考察了地方政府的工业用地出让价格对企业投资的实际影响。结果发现,工业用地价格提升能显著促进企业投资,这主要是因为抵押信贷机制下的融资能力强化;相比非土地类投资,价格的投资效应主要体现在土地类投资扩张方面,与此同时,价格信号下的市场化交易配置并不会进一步诱发城市内的土地错配问题。Understanding the transactional logic of local industrial land allocation is undeniably significant.It not only pertains to the enhancement of local industrial efficiency and economic development but also serves as the fundamental pathway for standardizing land allocation in China and achieving healthy urbanization.Currently,the relationship between local government land prices and corporate investments remains inconclusive.However,in previous research,discussions on this topic have been primarily theoretical and at the macroeconomic level.Examination of the relationship between industrial land allocation prices and corporate investments requires further exploration at the micro-level,specifically focusing on individual enterprises.In this study,we conducted an extensive exploration of the strategies employed by local governments regarding the allocation of industrial land and their impact on corporate investments.Utilizing microdata related to land parcels and enterprises,this study systematically investigated the actual influence of local government industrial land allocation prices on corporate investments.To begin with,this study examined whether to attract investment,local governments adopt a strategy of allocating industrial land to specific target enterprises at lower prices.The results indicate that the lowprice allocation strategy for industrial land does not necessarily align with the interests of local governments.To some extent,local governments are less inclined to allocate industrial land to target enterprises at lower prices as a means of attracting investment,casting doubt on the logic of land-based investment attraction.Building on this observation,we further investigated the relationship between land prices and corporate investments from the perspective of enterprises.The findings suggest that the higher the price at which enterprises purchase land,the more their investment behavior is stimulated.Serving as valuable collateral assets,high-priced land capital can help enterprises in securing subs

关 键 词：工业用地 企业投资 信贷抵押 

分 类 号：F812.7[经济管理—财政学]