土地金融化、资源错配与企业全要素生产率  

Land Financialization,Resource Misallocation and Enterprise Total Factor Productivity

作　　者：曹婧 CAO Jing(Institute of Finance and Banking,Chinese Academy of Social Sciences,Beijing 100710,China)

机构地区：[1]中国社会科学院金融研究所

出　　处：《金融评论》2024年第1期71-85,155,共16页Chinese Review of Financial Studies

基　　金：国家自然科学基金青年项目《地方政府土地融资模式转变:形成机理与经济效应》(项目批准号:72203228);中国社会科学院“青启计划”《地方政府“以地谋发展”的风险分析与转型路径》(项目批准号:2024QQJH118);中国社会科学院重大创新项目《提高人民生活品质,完善全社会基本公共服务体系研究》(项目批准号:2023YZD024)的资助。

摘　　要：随着地方政府土地融资模式从土地财政转向土地金融,土地的金融属性成为评估“以地谋发展”经济贡献的关键变量。本文使用2007~2015年全国税收调查微观数据和地级市土地融资数据,基于土地和金融资源双重错配的视角,考察土地金融化对企业全要素生产率的影响及其作用机制。研究发现,融资平台债务扩张引致的土地金融化显著抑制企业全要素生产率的提升,这一效应在土地价格扭曲严重和非标债务占比较高的地区,以及非国有企业样本中表现得更为明显。机制分析表明,土地金融化一方面通过强化土地引资竞争,造成低生产率企业以低成本购置大量工业用地;另一方面使金融资源更多流向具有信贷优势的国有企业和以低成本占用土地的低生产率企业,由此产生的土地和金融资源配置扭曲不利于企业全要素生产率提高。本文不仅拓展了已有文献关于土地出让影响资源错配与生产率损失的研究,也为深化要素市场化配置改革和推动经济高质量发展提供了决策参考。As local governments transition from conventional land finance to land financialization,the financial attributes of land emerge as pivotal variables in evaluating China's"land-driven development"model's economic contribution.This paper,utilizing two datasets encompassing national tax surveys and prefecture-level land financing spanning 2007 to 2015,investigates the impact of land financialization on enterprise Total Factor Productivity(TFP)and its underlying mechanisms,focusing on the misallocation of land and financial resources.The findings reveal that land financialization,driven by the debt expansion of local government financing vehicles(LGFVs),significantly hampers the growth of enterprise TFP.This inhibitory effect is particularly pronounced in regions characterized by severe land price distortions,substantial non-standard LGFV debt,and within non-state-owned enterprises.The mechanism behind this phenomenon involves the intensification of land investment competition and the clustering of low TFP enterprises through industrial land grant subsidies.Simultaneously,under credit discrimination and mortgage preferences,local governments leverage financial resources via LGFV debt and land mortgage loans,leading to distorted allocations of land and financial resources.Consequently,this distortion hinders the growth of enterprise TFP.This study not only expands existing literature on the impact of land grants on resource misallocation and productivity loss but also provides valuable insights for decision-making in advancing market-oriented factor allocation reforms and promoting high-quality economic development.

关 键 词：土地财政 土地金融 资源错配 全要素生产率 

分 类 号：F832[经济管理—金融学]