土地供给偏移加剧了落后山区中小企业融资约束吗?——来自毕节经济试验区的样本

How the Bias Toward Western Land Supplies Effect the SME Financing Constraints?——Data from Bijie Environmental Economic Development Zone

本文对西部地区一个债务严重的典型样本进行了微观分析,试图探讨在土地供给偏移政策的干预下,县域地方政府的土地出让行为对中小企业融资约束的微观影响机制,进而从理论上分析土地供给偏移政策的外部性。理论分析和实证结果支持在建设用地指标西部倾斜的背景下,园区内企业没有实现真正意义上的产业集聚,而是“被入园”。政府背景下的国有资产投资管理公司因土地禀赋,通常获得低息而长期的土地抵押贷款,在一定程度上挤占了其他中小企业的信贷资源,中小企业获取信贷资源往往需要更高的成本。优化我国的土地供给政策将有助于在一定程度上缓解落后地区的中小企业融资约束。

This paper makes a micro-analysis of a typical sample in the western region with serious debt,attempts to explore the micro-influence mechanism of land transfer behavior of county local governments on financing constraints of small and medium-sized enterprises under the intervention of land supply deviation policy,and then theoretically analyzes the externality of land supply deviation policy.Theoretical analysis and empirical results support that under the background of slanting construction land index in the west,enterprises in the park did not realize industrial agglomeration in the true sense,but were"brought into the park".Stateowned asset investment management companies under the government background usually obtain long-term land mortgage loans with low interest due to land endowments,which to a certain extent crowded out the credit resources of other smes,and smes often need higher costs to obtain credit resources.Optimizing our country's land supply policy will help alleviate the financing constraints of smes in backward areas to a certain extent.