“以地融资”:土地财政在地方PPP融资中的价值分析

“Land Financing”: Value Analysis of Land Finance in Local PPP Financing

PPP项目的投资回报周期较长且内部收益率相对有限,但我国地方政府成功地利用了PPP模式为基础设施建设融资。究其原因,本文分析发现地方政府的土地财政收入是我国PPP项目在股权和银行信贷两个方面得以成功融资的重要保证。随后的实证检验表明,地方政府的土地财政收入规模与该地区政府入股PPP的资金规模、PPP吸收社会资本入股的资金规模以及银行向PPP项目投放信贷的规模呈显著正相关,并且地方政府利用土地资源促进PPP融资后,所募集资金更多地投资于基础设施建设领域。此外,上述现象更显著地存在于中西部地区和非官员变更的年份。地方政府利用土地财政促进PPP项目融资这一模式,在积极促进城市发展的同时,也带来了资金配置结构过于倾向基础设施等建设领域,将信贷资金偿还风险与房地产市场波动相联结,地方政府官员任期内过度投资、重复建设等问题。

The investment return cycle of PPP project is long and the internal rate of return is relatively limited,but the local government of our country has successfully used the PPP mode to finance infrastructure construction.This paper finds that the land revenue of local governments is an important guarantee for the successful financing of PPP projects in both equity and bank credit.Subsequent empirical tests show that the scale of local government′s land revenue is positively correlated with the scale of local government′s investment in PPP,the scale of PPP′s investment in social capital,and the scale of bank′s credit to PPP projects,and after the local government uses the land resources to promote PPP financing,the fund raised by the local government invests more in the field of infrastructure construction.In addition,the above phenomena are more prominent in the central and western regions and in the year of non-official change.Local governments use land finance to promote PPP project financing,which actively promotes urban development,but at the same time,it also leads to the over-inclination of capital allocation structure to infrastructure and other construction areas,linking the risk of repayment of credit funds with the fluctuation of the real estate market,over-investment and duplication of construction during the term of office of local government officials,and so on.