地方政府土地财政的动机、能力、约束与效应:一个分析框架

Motivation,Capability,Restriction and Effect of Local Governments' Land Finance:An Analytical Framework

通过构建四维分析框架,全面审视地方政府土地财政的动机、能力、约束与效应。分析表明:在制度变迁中,分税制改革和"标尺竞争"体制驱动了地方政府利用"编外"资源实施土地财政策略。实施策略所依赖的制度缺口包括:城乡二元土地市场结构缺陷、土地行政管理体制弊端、金融体制支持和预算制度缺陷。实现能力受内在资源禀赋和外部制度环境约束。土地财政的实施可充实地方财政,促进地区经济发展,加速城市化进程,但也会积累财政、金融风险,引致房地产过度投资风险,隐藏社会风险,滋生违法腐败风险。所以,必须从深化分税制改革、变革土地财政形成机制等六个方面进行治理。

Through constructing a four-dimensional analytical framework, this paper conducts a comprehensive observation of the motivation, capability, restriction and effect of the local govern- ments＇ land finance. The analysis shows that during the process of institutional change, both the re- form of tax sharing system and the so called Yardstick Competition system have driven local govern- merits to carry out positive land finance strategies through using extra organizational resources. These institutional gaps which make the implementation of the land finance possible include： the structural defects of the dual urban-rural land markets, the system defetcs of land administration, and the defects of financial system support and budget system. However, the ability to achieve land finance is restrict- ed by both the inherent resource endowments and external institutional environment. Land finance could enrich local finance, promote regional economic development, and thus speed up the process of urbanization. But it also causes a lot of negative effects, such as accumulating fiscal and financial risks, increasing real estate over-investment risk, concealing social risk, breeding risks of violation of laws and corruption, etc.. Therefore, governance of land finance should be carried out in the six as- pects, such as deepening the reform of the tax sharing system, changing the formation mechanism of land finance, and so on.