土地财政、价值捕获与公共品提供

Land Finance, Value Capture and Provision of Public Goods

基于土地价值捕获理论与实践,探究“中国式”土地财政价值捕获机制,构建价值捕获指标,利用地级市面板数据,实证分析地方政府价值捕获能力对财政支出结构的影响。研究发现:以土地出让金为主导的地方政府土地价值捕获存在时间和空间上的“错位”;土地出让金每增加一倍,基础设施建设支出比重增加1.1%,民生性支出减少0.4%;随着城市可建设用地面积的减少和财力状况改善,地方政府的民生性支出比重略有增加,但土地价值捕获对民生性支出依然呈现负向关系。该结论对决策者优化支出结构、改善基本公共服务以及实现城市的良性治理具有重要的启发意义。

Based on the theories and practices of land value capture,the paper explores the mechanism of“China’s way”of land finance value capture and value capture index is constructed.Using the panel data of prefecture-level cities,this paper empirically analyzes the impact of the value capture ability of local governments on the structure of fiscal expenditure.Study shows that there is a“mismatch”of time and space in the land value capture of local governments.As land-transferring fee doubles,the expenditure of infrastructure increases 1.1%while expenditure on people’s livelihood decreases 0.4%.With the decrease of available land for construction and the improvement of local fiscal conditions,the expenditure of local government on people’s livelihood has increased a little bit,but land value capture is negatively related to the expenditure of people livelihood.The findings give enlightenments to decision makers on optimizing expenditure structure,improving fundamental social services and achieving benign governance in cities.