工业用地挂牌出让与企业全要素生产率——基于中国县域层面的证据

Listing Industrial Land Leasing and Total Factor Productivity of Enterprises:Based on Chinese County-Level Data

本文关注工业用地挂牌出让对企业全要素生产率的影响。利用2007—2013年中国工业企业数据库与土地出让数据,研究发现县域挂牌出让工业用地的面积比例越大,辖区内工业企业全要素生产率受到的抑制效应就越大。该结论通过了工具变量的两阶段估计等一系列稳健性检验。同时,该抑制效应在中西部企业、远离省会城市企业以及高资产企业中会被强化。机制分析表明,工业用地挂牌出让会通过预算支出缺口效应、企业利润收缩效应和劳动力平均报酬下降效应这三种途径,降低企业全要素生产率。进一步分析显示,工业用地挂牌出让还会加剧企业全要素生产率的离散程度,不利于缓解地方经济资源错配问题。基于以上结论,我国应当持续推进土地出让制度市场化改革,建立垂直化管理的土地出让效果评估机制,从而提升土地资源配置效率。

This paper investigates the causal effect of leasing industrial land through the listing mode on the total factor productivity of industrial firms.Based on Chinese industrial enterprise database and land leasing micro-data from 2007 to 2013,this paper demonstrates that a higher area ratio of industrial land leased through the listing mode in a county is associated with a greater inhibitory effect on the total factor productivity of industrial enterprises.This conclusion remains robust after a series of tests such as two-stage IV estimation.Meanwhile,the inhibitory effect will be amplified among enterprises in mid-western regions,enterprises located far from provincial capital cities,larger enterprises,and non-state-owned and non-collective enterprises.The mechanism analysis reveals that the listing mode of industrial land leasing hinders the growth of total factor productivity in industrial enterprises through three channels:the fiscal expenditure gap,corporate profit contraction,and low average labor wages.Further analysis implies that the listing mode of industrial land leasing will also aggravate the dispersion of firms'total factor productivity within a county,which is not conducive to alleviating the problem of local economic resource mismatch.Based on the above conclusions,it is necessary to further promote the marketoriented reform of the land leasing system,establish a vertical evaluation mechanism,and improve the efficiency of land resource allocation in China.