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针对于当前的“土地财政”问题,本文提出了土地财政利润率的概念,用以分析土地财政作为地方政府“第二财政”的科学性。我们核算了全国30个省级行政区2003～2008年间的土地财政利润率,发现有近2/3省份的利润率不到50%,据此,不能一概地夸大土地出让对地方财政的贡献度,此外,土地财政利润率在省际间也存在非常大的差异。本文实证检验了造成土地财政利润率省际差异的决定因素,估计结果显示,省内县级政府财政自主度是决定土地财政利润率的一个关键因素,越高的县级财政自主度显著地降低了土地财政利润率。本文的研究表明了中国地方政府非正式的财政行为与正式财政体制之间所存在的密切关系。
In view of the current issue of “land finance”, this paper proposes the concept of land financial profit margin, which analyzes the scientific nature of land finance as the “second finance” of local governments. We have calculated the fiscal profit rate of land between 2003 and 2008 in 30 provincial administrative regions across the country and found that less than 50% of the profit margins of nearly two-thirds of provinces can not be exaggerated to the extent that land transfer contributes to local finance. In addition, there is also a very large discrepancy between land and financial profit margins across provinces. This paper empirically tests the decisive factors that cause the discrepancies in the fiscal profit margins of the land. The results show that the fiscal autonomy of the county governments is a key factor that determines the profit margins of the land. The higher the county fiscal autonomy is significantly reduced The land financial profit rate. The research in this paper shows the close relationship between the informal financial behavior of Chinese local government and the formal financial system.