土地财政对促进技术创新的实证研究——基于政府创新投入与创新人才流动视角

An empirical study of promoting effect of land finance on technological innovation: from perspective of government investment and creative talent flow

在2001-2014年的省级面板数据基础上,建立模型分别对土地财政影响创新水平的门槛效应和空间效应进行了检验。结果表明,土地财政水平的提高对技术创新水平的提升存在显著的促进作用,但其导致的房价过热会对人才的集聚产生负面影响,削弱土地财政的作用,因此该正面影响是无法持续的。并且,土地财政的作用具有空间相关性。土地财政通过提高政府补贴的作用拉动周边地区企业创新水平提升,但是房价上涨也伴随着负面影响。因此,仅仅依靠土地财政收入作为政府补贴的资金来源对于企业创新水平的提升作用是有限的,政府应拓宽融资渠道。

Based on the provincial panel data from 2001 to 2014,this paper uses Panel Threshold Model and Spatial Durbin Model to test the threshold effect and spatial spillover effect of land finance on technological innovation. The results show that,by improving government investment on innovation activities,land finance significantly stimulates technological innovation. However,as the rise of land finance level,high house price will have negative effect on innovation,for creative talents are likely to flow to real estate industry for higher salary. Therefore,land finance’s stimulation on technological innovation is not sustainable in the long run. Moreover,land finance’s impact on technological innovation shows significant spatial correlation characteristics. By improving government’s investment on innovation,land finance has positive effect on surrounding areas;but from the perspective of creative talents flow,the positive effect is greatly weakened. Therefore,to stimulate technological innovation in the long term,government should adopt a more sustainable way to raise capital.