刺激计划、国企渠道与土地出让

Stimulus Plan,State-owned Enterprises Channel and Land Leasing

本文利用2003—2010年地级市土地出让数据,在刺激计划背景下考察了国企渠道对土地出让的影响。从出让面积看,刺激计划后城市国企资产占比每增加1个百分点,土地出让总面积增加0.5个百分点,协议出让面积增加1.3个百分点;从出让方式看,国企资产占比每增加1个百分点,协议出让占比增加1.4个百分点,招拍挂占比下降1.3个百分点。国企渠道的机制分析表明,刺激计划后国企政策目标权重增加,倾向于增加土地投资从而稳定经济,同时国企利润目标导致国企倾向于以较低价格获得土地。

In this paper we try to investigate the impact of state-owned enterprises（SOEs）channel on land leasing in the context of the economic stimulus plan in China,based on 2003—2010city-level land leasing data.We find that 1.0% increase of the SOEs capital proportion will lead to 0.5%increase of the total land leasing area and 1.3%increase of the land leasing area by negotiation.In terms of the structure of land leasing,1.0%increase of the SOEs capital proportion will result in 1.4%increase of the land leasing share by negotiation and 1.3%reduction of the land leasing share by public auction.Our analysis of the SOEs channel indicates that during the stimulus process the policy objective of SOEs will increase the transaction volume of land leasing in order to stabilize the macro economy,while the profit objective of SOEs will affect the transaction structure of land leasing.Meanwhile,SOEs will make efforts to obtain lands with a relatively low price.