土地资本化视角下的中国经济动态效率问题研究

Research on the Dynamic Inefficiency of China’s Economy from the Perspective of Land Capitalization

研究目的:20世纪90年代以来中国经济动态无效率问题引发关注,本文从土地资本化视角对资本过度积累进行解释,以期提供一个理解中国经济动态无效率的新视角。研究方法:理论分析与实证研究。研究结果:2000—2017年多数省份乃至全国资本过度积累情况日益严重,整体经济进入动态无效率状态;土地资本化对资本积累的动态效率存在结构效应,适度情况下,土地资本化程度每提高1%,动态效率将提高0.101%,过度情况下,土地资本化程度每提高1%,经济动态效率将下降0.112%;政府R&D支出的提高有助于缓解土地过度资本化对经济效率造成的负面影响。研究结论:土地资本化的过度发展是中国经济动态无效率的一个重要原因,需要在发展模式、用地结构和不动产税制体系等方面进行改革,寻求土地过度资本化的理性回归。

The purposes of this paper are to explore the impact of land capitalization on the excessive accumulation of capital and to provide a new perspective for understanding the dynamic inefficiency of China’s economy that has triggered concerns since 1990s.The research methods include theoretical analysis and empirical analysis.The results show that,from 2000 to 2017,the excessive accumulation of capital in most provinces and even the whole country has been increasingly serious,and the economy entered a dynamic inefficient state.Land capitalization has a structural effect on the dynamic efficiency of capital accumulation.Under moderate circumstances,for every 1%increase in the degree of land capitalization,the dynamic efficiency will increase by 0.101%.Under excessive situations,for every 1%increase in the degree of land capitalization will reduce the dynamic efficiency by 0.112%.Furthermore,the increased government R&D expenditure can alleviate the negative impact of excessive land capitalization on economic efficiency.In conclusion,the excessive development of land capitalization is an important reason for the dynamic inefficiency of China’s economy.It is necessary to reform the development model,land-use structure,and real estate taxation system to seek a rational return from excessive land capitalization.