财政市场、土地资本化与异质性城市化

Finance Market, Land Capitalization and Heterogeneous Urbanization——An analytical framework

在以政府为主导的城市化进程中,土地财政成为了地方政府“经营城市”的重要手段。我国土地财政规模大、比例高,其形成不仅源于地方政府财权、事权不对等和地区之间、官员之间的竞争,究其质里,则是政府实现财政市场目标的行为投射。地方政府融资平台也基于相同的逻辑生成,帮助实现了土地财政的本质——资本化,弥补了地方政府的财政缺额。但是,土地的资本化提高了城市化成本,衍生出异质性,形成了空间与人口的矛盾,积累了凝结在城市中的金融、社会和道德风险,亟需引起重视。

In the process of government-led urbanization,land finance has become an important means for local governments to“manage cities”.China's land finance is large in scale and rare in the world.The formation of this phenomenon stems from the inequality of local government's financial and administrative rights and competition between regions and officials.It is essentially the government's goal of achieving fiscal market goals.projection.The local government financing platform is also based on the same logic,which helps to realize the essence of land finance-capitalization,to make up for the local government's financial deficiencies.However,the capitalization of land has increased the cost of urbanization,brought about heterogeneity,accumulated financial,social and political risks condensed in the city,and formed a contradiction between space and population,which is urgently needed to be resolved by local governments.