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本文构建了一个基于“土地财政”的“经营城市”模型。作为城市土地的实际所有者和垄断提供者,地方政府有能力也有激励通过经营城市来最大化其土地财政收入。给定土地总量,提高工业用地比例虽然不能直接增加财政收入,但却能通过提高企业的劳动生产率而提高住宅需求,同时也会因为减少住宅土地供给而减少住宅供给,进而最终会提高均衡房价和住宅用地的拍卖价格。地方政府要最大化以土地出让金为形式的土地财政收入,关键就在于选择合适的工业用地比例以在住宅用地的单价与面积之间实现最佳权衡。分析表明,这个最优工业用地比例主要依赖于企业的劳动产出弹性,并随之上升。
This article builds a model of “City of Operations” based on “Land Finance”. As the actual owner and monopoly provider of urban land, local governments are capable and motivated to maximize their land revenue through the operation of cities. Given the total amount of land and the increase in the proportion of industrial land, although it can not directly increase the fiscal revenue, it can increase the demand for housing by raising the labor productivity of enterprises and reduce the supply of housing due to the reduction of residential land supply, which will eventually increase the equilibrium housing price And residential land auction prices. The key for local governments to maximize land revenue in the form of land transfer payments is to choose the right ratio of industrial land to achieve the best trade-off between unit price and area of residential land. The analysis shows that the proportion of the optimal industrial land mainly depends on the output elasticity of the enterprise and increases with it.