分税制下土地财政“倒逼金融”现象分析及对策研究

毋庸置疑,分税制以来形成的地方财权与事权不匹配状况,致使地方财力不足进而催生了时下的'土地财政'———地方财政中'土地出让金收入'、'房产税收'迅猛增长,卖地已经成为地方财政收入的重要源泉。与此同时,土地财政'倒逼金融'现象日益显现:地方政府债务中土地储备贷款、开发性金融贷款比重上升,助推了经济运行中的'投资过热',加大了宏观调控的难度;土地出让金等预算外收入大幅增加导致银行体系财政存款资金上升过快,货币供应量(M2)高位增长,加剧'流动性过剩';'土地财政'驱使各地竞相招、拍、挂土地,地价上涨推升房价产生的房地产泡沫直接危及银行信贷安全。种种迹象表明,当前'土地财政'风险已经波及宏观调控、粮食安全乃至金融体系等层面。基于此,必须引起高度关注。

Since the tax-sharing system was established,the dissymmetry between financial authority and responsibility of local governments has caused the insufficient financial resources of the local governments.Furthermore,the“Land-basd Finance”———“income of land selling”and“property tax revenue”grow rapidly and the land sales become an important source of the local revenue.At the same time,the phenomenon of“reversed transmission from Land-basd Finance to fianancial system”emerges gradually.The proportion of development loans and land reserve loans in the local government debt increases,which boosts the“over-investment”and increases the difficulty of macro-control.The substantial increase of the local extra-budgetary revenue leads to a sharp rise of the financial deposits、high growth of money supply(M2)and exacerbation of the“Liquidity Overplus”.The“Land-basd Finance”drives the local governments to inviting tenders,auction and hanging out shingle.The rise of land and house price has caused the real estate bubble which will directly endanger the safety of banking system.There are indications that the current“Land-basd Finance”is affecting macroeconomic regulation and control、food security,even the financial system.Hence,we must pay great attention.