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本文探讨地方政府如何利用土地要素的引资和融资功能缓解财政压力,并使用1999~2009年省级面板数据进行计量分析,得到以下结论:(1)土地引资功能缓解了地方财政压力,而政府参与经济活动程度增加、城乡收入差距扩大以及中央对土地资源监管技术的提高则降低了地方财政自给率;(2)土地融资功能缩小了地方财政赤字规模,土地出让收入和抵押收入对缓解地方财政压力的长期作用效果最明显;(3)土地市场化表征了融资与引资的比率,土地市场化提升并没有有效的缩小地方财政赤字规模,说明地方政府倾向发挥土地引资功能。
This paper explores how local governments use the land-based capital attraction and financing functions to alleviate the financial pressure, and uses the provincial panel data from 1999 to 2009 to conduct the econometric analysis. The conclusions are as follows: (1) The land-using function alleviates the local financial pressure while the government participation (2) The function of land financing has reduced the scale of local fiscal deficit, and the land transfer income and mortgage income have played an important role in easing local financial pressure (3) The marketization of land signifies the ratio of financing to attracting investment. The promotion of marketization of land has not effectively reduced the scale of local fiscal deficit, indicating that local governments tend to give play to the functions of land investment.