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政府投资是地方政府塑造土地开发行为模式的基础,它对企业绩效具有正负两种影响路径,在切除基础设施的传导路径后,政府投资对工业企业绩效具有明显制约作用,尤其对融资需求较大的工业企业制约效应更强。通过分层线性回归模型和面板分位数回归模型研究发现,地方政府土地开发行为显著制约企业绩效的提升。地方政府土地开发行为对经营效益好的工业企业负面效应大于经营效益差的企业,对沿海地区、非国有企业或资本、技术密集型的企业绩效制约作用大于非同类工业企业。鉴于土地依赖型经济增长的潜在风险不断累积,扭转地方政府土地开发行为模式已经刻不容缓。
Government investment is the foundation for local government to mold the model of land development. It has positive and negative impact on the performance of enterprises. After cutting off the transmission path of infrastructure, government investment has a significant restraining effect on the performance of industrial enterprises, especially for financing needs Large industrial enterprises more restrictive effect. Through the stratified linear regression model and the panel quantile regression model, it is found that the land development behavior of local government significantly restricts the improvement of enterprise performance. The negative effect of land development activities by local governments on industrial enterprises with good management efficiency is greater than that of enterprises with poor operating efficiency. The control over the performance of coastal, non-state-owned enterprises or capital-intensive and technology-intensive enterprises is greater than that of non-similar industrial enterprises. Given the potential accumulation of land-dependent economic growth, there is an urgent need to reverse the pattern of land development by local governments.