政府行为下的土地财政与全要素生产率之间的关系分析

Analysis on the Relationship Between Land Finance Under Government Actions and Total Factor Productivity

为了解政府行为下的土地财政行为模式对微观企业全要素生产率的差异化影响,本文统计了230个城市在2010~2019年的全要素生产率面板数据,利用工具变量法进行实证研究,发现无论是通过OLS法还是工具变量法,政府行为下的土地财政扩张均会对企业的全要素生产率产生抑制作用;且土地财政扩张在带来规模效应的同时会对技术进步和效率产生抑制;而政府行为下的土地财政扩张政策与企业全要素生产率之间的关系呈倒“U”型分布,即当人均出让收入的对数小于1.52时,土地财政会对全要素生产率具有促进作用,反之则会产生抑制作用。这表明过度依赖土地财政会导致地产行业的过度投资和房价上涨,造成资源配置的扭曲,进而抑制企业全要素生产率的发展。

In order to understand the differential impact of land fiscal behavior patterns under government actions on the total factor productivity of micro-enterprises,the article counts the total factor productivity panel data of 230 cities in the decade from 2010 to 2019,and conducts an empirical study using the instrumental variable method.The results show that,whether under the influence of OLS method or instrumental variables,the land fiscal expansion under the government behavior will inhibit the enterprise's total factor productivity;and expansion of land finance will bring about scale effects while restraining technological progress and efficiency;while the relationship between the expansion of land finance policies under government actions and the total factor productivity of enterprises is in an inverted U-shaped distribution.When the logarithm of per capita transfer income is less than 1.52,land finance will promote TFP,otherwise it will have inhibitory effect.This shows that excessive reliance on land finance will lead to excessive investment in the real estate industry and rising housing prices,resulting in distortions in resource allocation,and in turn inhibiting the development of enterprise total factor productivity.