土地财政促进了区域创新吗?——基于地级市面板数据的实证检验

Does Land Finance Promote Regional Innovation? An Empirical Test Based on the Panel Data of Prefecture-level Cities

在以创新驱动供给侧结构性改革的大背景下,作为地方政府财政收入主要来源的土地财政对区域创新造成何种影响,是关乎中国经济转型和能否持续增长的的重大问题。首次利用中国土地市场网公示的2007-2014年间每一笔土地交易信息,构建地级市商住用地和工业用地出让数据,考察"土地财政"对区域创新的影响和作用机制。研究发现:第一,构成土地财政的商住用地出让收入可以显著促进区域创新能力;第二,土地财政对创新的影响存在"补给效应"机制,即土地财政可以放松财政预算约束,补给科教支出;第三,土地财政对创新的影响存在"补偿效应"机制,即补偿低价出让工业用地的成本缺口,低价出让更多的工业用地来进行重点产业、高科技产业的招商引资。

Under the background of innovation-driven supply-side structural reform,what may be the impacts of land finance,as a major source of local government revenue,on regional innovation has become the major issue related to China’s economic transformation and sustainable growth.For the first time,the paper uses the land transaction information published by the China Land Market Network from 2007 to 2014 to construct the land transfer data of commercial and residential lands as well as industrial lands in prefecture-level cities,and the impact and mechanism of'land finance'on regional innovation is examined.The findings are as follows:first,the income of land finance from commercial and residential land sales can significantly promote regional innovation capability;Second,the impact of land finance on innovation has a'replenishment effect'mechanism,that is,land finance can relax fiscal budget constraints and replenish science and education expenditures.Third,there is a'compensation effect'mechanism for the impact of land finance on innovation,that is,to compensate for the insufficiency of the low-cost transfer of industrial land.The purpose of low-cost transfer of industrial land is to attract more investment to develop key industries and high-tech industries.