PPP模式与降低地方土地储备机构债务规模——基于建立土地证券化二级市场的探索性思考

PPP Model of Land Exploitation and the Reduction of the Debt Scale of Local Land Reserve——Based on the Establishment of Primary and Secondary Exchange Market

我国土地一级市场实行国家垄断经营,以往社会资本参与土地一级市场的开发,经历了BT模式、土地补偿模式、利润分成模式等阶段。2013年全国土地大审查的结果显示,我国库存土地巨大,债务负担沉重,表明由地方政府实行的政府垄断的土地一级市场开发,其效益和效率并不好。现存社会资本参与土地一级开发的模式,其参与深度和覆盖的广度有限,并没有改变地方政府土地部门的基本债务问题。文章对现有模式进行比较分析,通过在PPP模式中,将土地证券化,建立一二级交易市场,内嵌自动平衡的交易机制,做市商制度,构建用PPP模式进行土地一级市场开发的模式。这种模式有利于解决地方政府增量债务和存量债务,有助于实现信息对称,使中央政府能够通过控制证券自留比率,获得除财政手段、货币手段外的第三种调控经济的方式——土地手段。

State monopoly dominated the primary land market in China. The History of social capital involvement in primary land market development include the BT model, land compensation model, profit redistribution model. In the land Census in 2013, there is huge amount of storage land with heavy debt burden, exposing the inefficiency and ineffectiveness of monopoly. The current social capital involving the land development is limited and did not overhaul the fundamental problem. This study explores a model which transform the land market into securities and create primary and secondary exchange market. This model will contribute to solve the problem of local government debt, and the central government will gain another way to intervene the economy through reserve rate, in addition to the fiscal and monetary policy.