土地资源空间与用途双重错配对企业过度投资的影响  

The impact of land resources dual misallocation on the over-investment of enterprises

作　　者：王敏 彭山桂[1,2] 杨昊达 于新源 胡钰莹 WANG Min;PENG Shangui;YANG Haoda;YU Xinyuan;HU Yuying(School of Economics and Management,Shandong Agricultural University,Tai’an 271018,China;Agricultural Resources and Ecological Security Research Center of Shandong Provincial Universities,Shandong Agricultural University,Tai’an 271018,China)

机构地区：[1]山东农业大学经济管理学院,泰安271018 [2]山东农业大学山东省高校农业资源与生态安全研究中心,泰安271018

出　　处：《资源科学》2024年第11期2263-2277,共15页Resources Science

基　　金：国家自然科学基金青年项目(42101272);山东省自然科学基金青年项目(ZR2021QD085);山东省现代农业产业技术体系创新团队现代耕作制度产业经济岗位项目(SDAIT-31-07)。

摘　　要：【目的】针对中国企业普遍存在的过度投资问题,以土地资源配置为切入点,探究土地资源空间与用途双重错配如何影响企业过度投资,为优化土地资源配置、缓解中国企业过度投资提供政策启示。【方法】利用2007—2021年1017家上市公司及其所在185个城市的数据,构建宏微观变量结合的面板Tobit模型,刻画土地资源空间错配、用途错配对企业过度投资的影响结果并检验其作用路径。【结果】①土地资源空间错配与用途错配都对企业过度投资产生了显著的推动作用,且用途错配对企业过度投资的影响受到空间错配的调节。②土地资源空间错配在土地供给相对过剩城市内,通过加剧企业无序扩张与经济结构失衡,推升企业过度投资;在土地供给相对短缺城市内,通过推动融资膨胀与要素替代,推升企业过度投资。③土地资源用途错配在土地供给相对过剩城市内,通过提供多重补贴与降低企业进入门槛,推升企业过度投资;在土地供给相对短缺城市内,通过引发资产泡沫与需求抑制,推升企业过度投资。【结论】应合理调整建设用地指标分配的空间格局,积极推进土地要素市场化配置,缓解企业过度投资,提升企业投资效率。[Objective]In view of the widespread over-investment problem of Chinese enterprises,this study took land resources allocation as the entry point to explore how land resources dual misallocation affect the over-investment of enterprises,and provide policy enlightenment for optimizing land resources allocation to alleviate the over-investment of Chinese enterprises.[Methods]Using data from 1017 listed companies and 185 cities from 2007 to 2021,a panel Tobit model combining macro and micro variables was constructed to depict the impact of land resources spatial and use misallocation on the over-investment of enterprises and test their mechanisms.[Results](1)Both land resources spatial and use misallocation significantly contributed to the over-investment of enterprises,and the impact of land resources use misallocation on the over-investment of enterprises was regulated by spatial misallocation.(2)In cities with relative land supply surplus,land resources spatial misallocation promoted over-investment of enterprises by exacerbating the disorderly expansion of enterprises and the imbalance of economic structure.In cities with relative land supply shortage,land resources spatial misallocation promoted over-investment by triggering financing expansion and factor substitution.(3)In cities with relative land supply surplus,land resources use misallocation promoted over-investment by providing multiple subsidies and reducing the entry threshold of enterprises.In cities with relative land supply shortage,land resources use misallocation promoted over-investment by causing asset bubbles and demand suppression.[Conclusion]We recommend to reasonably adjust the spatial pattern of the allocation of construction land,and actively promote the market-oriented allocation of land factors,so as to alleviate over-investment and improve the investment efficiency of enterprises.

关 键 词：土地资源 双重错配 企业过度投资 中介效应 面板Tobit模型 异质性 

分 类 号：F275[经济管理—企业管理] F832.51[经济管理—国民经济] F301.2