国家审计、财政透明度与土地资本化

Government Auditing, Fiscal Transparency and Land Capitalization

基于国家审计的制约性作用和建设性作用,以地方政府土地资本化作为切入点,本文结合财政透明度的视角,考察了国家审计对土地资本化的影响效应以及异质性作用,并进一步揭示了其作用机制。研究结果表明,国家审计的建设性作用对地方政府土地财政具有抑制作用,并且这种抑制作用只在中西部地区显著。国家审计的制约性作用对地方政府土地金融具有抑制作用,并且这种抑制作用只在东部地区显著。机制分析结果表明,国家审计可以通过制约性作用提高财政透明度,从而有助于规范约束地方政府的土地资本化行为。研究结论对于更好发挥国家审计宏观调控“工具箱”作用,防范化解地方政府土地资本化风险具有重要的参考价值和政策含义。

Based on the restrictive and constructive role of government auditing, this paper focuses on local governments' land capitalization as a pivotal aspect, incorporating the perspective of fiscal transparency. It investigates the impact and heterogeneity of government auditing on land capitalization while further elucidating its underlying mechanism. The findings demonstrate that the constructive role of government auditing exerts an inhibitory effect on local governments' land finance, particularly significant in central and western regions.Conversely, the restrictive role of government auditing also hampers local governments' land financialization but is notably significant in the eastern region. The results of mechanism analysis reveal that through its restrictive role, government auditing enhances financial transparency which contributes to standardizing and restraining local governments' land capitalization behavior. The conclusions can serve as reference and contain policy implications for effectively utilizing government auditing as a macro-control toolbox to mitigate risks associated with local government land capitalization.