土地出让市场化能否影响企业退出和资源配置效率?

The Marketization of Land Transfer can Affect Firm Exit and Allocative Efficiency?

本文利用2003—2007年中国制造业企业数据研究发现,土地出让市场化通过影响企业融资能力、产业集聚与企业创新程度三个机制,显著减少企业退出风险,且土地出让市场化转型还促进了低生产率企业退出市场,导致资源从低生产率企业向高生产率企业转移,降低了高生产率企业的退出风险,实现了资源配置效率的提升。进一步地,土地出让市场化对国有企业退出市场没有任何作用,但显著降低非国有企业的退出风险,并且,在政策不稳定的城市,土地出让市场化对该城市企业退出无明显影响,但能有效减少政策更稳定城市的企业退出概率。

As a basic factor of production,land affects firm productivity and firm behavior.However,large-scale development zones are being built across China,resulting in a large number of scarce land use efficiency,and even waste(Lu,2017),The prominent problem of land resource misallocation leads to the conflicts between land marketization and firms,which affects the efficiency of the allocation of social resources,which is obviously inconsistent with the new era spirit of paying attention to the quality of development.In fact,the marketization system of urban land transfer has been constantly adjusted with the marketization transformation in China.It realizes the transformation from the unified allocation of planning mode to the system of land transfer with supply and demand,competition and price.According to the calculation of Yang et al.(2016),the proportion of the average urban land transferred area by public auction to the total land transferred increased from 37%in 2003 to 87%in 2010.The allocation mode of land resources is also constantly adjusted,and the reform of land resource marketization is deepened constantly.So far in literature,there is litter attention to study the effect of market reform of land transfer on firm s exit market and resource allocation.This paper attempts to take marketization transformation of land transfer,firm exit and the allocation of resources into an analysis framework.On the one hand,we analysis of land transfer market affects the specific mechanisms of firm exit the market,on the other hand,we will test how land transfer marketization affect the resources between the different productivity firms to improve the efficiency of resource allocation.This paper uses data of Chinese industrial firms from 2003 to 2007 to study the impact of land transfer marketization on firm exit and resource allocation efficiency under the background of continuous promotion of land market reform.The paper finds that:First,the marketization of land transfer significantly reduces the probability of enterprise exiting the market through instrumental variables,difference in difference and changing samples and replacing the measures of land transfer marketization.Second,due to the national nature of state-owned enterprises and the low risk of financing constraint and poor innovation ability of state-owned enterprises,the market-oriented reform of land transfer does not have any effect on the exit of state-owned enterprises from the market,but it significantly reduces the risk of exit of private and foreign enterprises.And,the industrial policies of cities with stable policies tend to be stable and easy to form large-scale industrial clusters,which play the exertion of scale effect and agglomeration effect.So,the marketization of land transfer has no significant effect on the exit of state-owned enterprises in cities with unstable urban policies,but it may effectively reduce the probability of firm exiting in cities with more stable urban policies.Thirdly,the analysis of the influencing mechanism shows that the marketization of land transfer has significantly reduced the risk of firms exit by affecting the three mechanisms of corporate financing capacity,industrial agglomeration and corporate innovation.Finally,the market transformation of land transfer has promoted the exit of low-productivity firms from the markets,this has led to the shift of resources from low-productivity firms to high-productivity firms,reduced the risk of exit from high-productivity firms and improved the efficiency of resource allocation.Based on the research conclusion of this paper,under the current urban land transfer system in China,nation should continue to promote the reform of marketization of land transfer,reduce the land transfer market intervention by local governments,improve share of transfer land by public auction in the urban land transfer.Thus,we should give play to the dual functions of land production factors and financing to stimulate the innovation vitality of enterprises.At the same time,we should maintain the stability and continuity of policies,increase local industrial competitiveness and agglomeration power,improve the production efficiency of enterprises,reduce their market exit risks,and improve the efficiency of resource allocation.