政府动机、企业预期与地价扭曲

Local Governments’ Motivations,Enterprises’ Expectations and Land Price Distortion

我国居住用地与工业用地的比价长期偏离合理水平并逐年扩大,这种不合理的土地比价反映了土地要素价格扭曲的程度。本文运用2007—2017年全国287个城市的土地出让微观地块数据研究发现:作为供给端因素的政府动机和需求端因素的企业预期共同导致了地价扭曲的形成。企业预期充当政府动机的中介变量在地价扭曲的形成过程中发挥着部分中介效应,这表明企业预期可能在政府动机的影响下"不自觉"地扭曲了地价,充当了地方政府扭曲地价的工具。地价扭曲有利于工业资本积累,但却降低了土地利用效率。为减轻土地要素价格的扭曲程度,在短期内政府应当正确引导企业预期,从长期看应弱化地方政府对土地市场的干预。

The price ratio of the residential land to the industrial land in China has been deviating from the reasonable level for a long time and increasing year by year,which reflects the distortion degree of land price.With the parcel-level data of land conveyance in 287 cities of China from 2007 to 2017,this paper finds that the local governments’ motivations at the supply side and the enterprises’ expectations at the demand side together lead to such land price distortion. Enterprises ’ expectations act as the mediator of local governments ’motivations and support partial mediation effect in the formation of land price distortion. It means enterprises’ expectations become the tool of local governments and unconsciously distorts the land price. Land price distortion is conducive to local industrial capital accumulation,though at the expense of the efficiency of primary land use. To alleviate the land price distortion, the government should give guidance to enterprises ’expectations in the short term. In the long run,it is necessary to weaken local governments ’ interfering incentives in the primary land market.