金融改革对土地资源配置效率的影响——基于国家级金融综合改革试验区设立的准自然实验  

The impact of financial reform on land resource allocation efficiency:A quasi-natural experiment based on the national comprehensive financial reform pilot zone

作　　者：卢娜[1] 黄娟 江红莉[1] 冯淑怡[2] LU Na;HUANG Juan;JIANG Hongli;FENG Shuyi(School of Finance and Economics,Jiangsu University,Zhenjiang 212013,China;China Resources&Environment and Development Academy,Nanjing Agricultural University,Nanjing 210095,China)

机构地区：[1]江苏大学财经学院,镇江212013 [2]南京农业大学中国资源环境与发展研究院,南京210095

出　　处：《资源科学》2024年第11期2237-2250,共14页Resources Science

基　　金：国家自然科学基金青年项目(72104091);国家社会科学基金重大项目(23ZDA031);教育部人文社会科学基金青年项目(21YJCZH097)。

摘　　要：【目的】优化资源配置是中国金融制度改革的重要目标之一。本文旨在探讨国家级金融综合改革试验区设立对土地资源配置效率的影响,以期为进一步完善土地资源配置效率提升体系提供理论依据。【方法】本文基于2008—2019年中国283个地级及以上城市的面板数据,以国家级金融综合改革试验区设立为准自然实验,采用渐进双重差分法分析金融改革对土地资源配置效率的影响。【结果】①基准回归结果表明,国家级金融综合改革试验区的设立显著提高了土地资源配置效率,在经过一系列稳健性检验后以上结果仍成立。②异质性分析结果表明,在工业主导型城市、低金融发展水平城市以及土地供给放松城市设立国家级金融综合改革试验区,其对土地资源配置效率的提升作用更显著。③机制分析结果表明,国家级金融综合改革试验区的设立可通过提高土地出让市场化水平和加快产业集聚等渠道提高土地资源配置效率。【结论】国家级金融综合改革试验区设立能够在深化金融制度改革的基础上进一步发挥优化土地资源配置的作用。因此,充分发挥金融制度改革对土地资源配置效率提升的促进作用,推动金融制度改革与要素优化配置是实现经济高质量发展的有效途径。[Objective]Optimizing resource allocation is one of the important goals of financial reform in China.This study aimed to analyze the influence of the establishment of the national comprehensive financial reform pilot zones on land resource allocation efficiency,in order to provide a theoretical basis for further improving the land resource allocation efficiency improvement system.[Methods]This study took the establishment of the national comprehensive financial reform pilot zones as a quasi-natural experiment and analyzed the impact of financial reform on land resource allocation efficiency based on the panel data of 283 Chinese cities from2008 to 2019 by using the progressive difference-in-differences method.[Results](1)The benchmark regression results show that the establishment of the comprehensive financial reform pilot zones significantly improved land resource allocation efficiency.The results remain stable after a series of robustness tests,including parallel trend test,placebo test,interference exclusion policy,replacement of explained variables and sample period,multi-time heterogeneous robustness test,synthetic difference-in-differences test,and propensity score matching.(2)There was a significant heterogeneity in the impact of the establishment of the national comprehensive financial reform pilot zones on the urban land resource allocation efficiency.The results of heterogeneity analysis show that the national financial reform pilot policy had a more significant promoting effect on land resource allocation efficiency in industrial cities,cities with low financial development levels,and cities with abundant land supply.(3)The results of mechanism analysis show that the establishment of the national comprehensive financial reform pilot zones could improve land resource allocation efficiency by improving the marketization level of land transfer and accelerating industrial agglomeration.[Conclusion]The establishment of the national comprehensive financial reform pilot zones can further play a role in optim

关 键 词：金融改革 土地资源配置效率 土地出让市场化 产业集聚 渐进双重差分法 中国 

分 类 号：F832[经济管理—金融学] F301.2