地方政府“土地引资”背景下的FDI挤入挤出效应研究

The Crowding in/out Effects of FDI against the Background of Local Governments' Attracting Investment by Land

文章基于税收优惠空间缩小条件下地方政府为追求经济增长而将"土地引资"作为重要招商手段的现实背景,根据中国2004-2007年259个地级及以上城市数据,从理论和实证两个层面系统研究了地方政府"土地引资"行为对FDI与国内投资之间关系的附加影响。(1)理论分析表明,在最大化本地产出的目标下,地方政府有激励压低工业地价并给予高效率企业更多优惠,这种干预行为有可能会放大FDI对国内投资的挤入或挤出效应。(2)实证结果显示,样本期内"土地引资"有效地刺激了当地总投资规模增长。在全国,"土地引资"强化了FDI的挤入效应。在城市群层面,FDI在发达城市有较大的挤入效应,"土地引资"的影响作用不明显;在发展水平居中的城市,政府"土地引资"效果最显著,强化了FDI的挤入作用。在其他城市,"土地引资"及FDI对国内投资比重的影响不显著。

Under a condition of narrowing space for tax preferences,local governments in pursuit of economic growth regard attracting investment by land as an important means.Against this background,this paper systematically studies the additional effect of local governments＇ attracting investment by land on the relationship between FDI and domestic investment from the theoretical and empirical perspectives through the city data at the prefecture level or above from 2004 to 2007.Firstly,theoretical analysis shows that local governments are encouraged to press the prices of land for industrial use and give high-efficiency firms more preferential treatment;it may amplify the crowding in/out effect of FDI on domestic investment.Secondly,empirical result shows that attracting investment by land effectively stimulates the increase in local whole investment size.Attracting investment by land intensifies the crowing-in effect of FDI nationwide.In terms of urban agglomeration,FDI has stronger crowding-in effect in developed cities,and the role of attracting investment by land is not significant;in cities at a medium level of development,attracting investment by land plays the most significant role and thus strengthens the crowding in effect of FDI;in other cities,the effects of attracting investment by land and FDI are relatively not significant.