Study On Intensive Utilization Efficiency Of Urban Industrial Land Based On Information Asymmetry

Land is the carrier of all social and economic activities,and more people and less land are the basic national conditions of our country.With China’s economy entering a new normal,it is of great theoretical value to study the relationship between the land system arrangement with Chinese characteristics and China’s economic growth,and to explore how to adjust the future land supply mode and related policies in order to promote the better and higher quality development of China’s economy.At present,China is still in the accelerated stage of industrialization and urbanization.The contradiction between supply and demand of urban construction land is becoming increasingly acute.Land supply has become one of the main bottlenecks restricting the development of urban social economy and the improvement of people’s living standards.In order to alleviate the dilemma of cultivated land protection and urban expansion,it is an important means to change the structure of urban construction land and improve the efficiency of intensive use of urban industrial land.From the existing literature,most of the studies still follow the traditional production function theory,focusing on the impact of resource allocation on industrial land intensive use efficiency from the macro-perspective of economic growth mode and industrial structure,lacking the research on industrial land intensive use efficiency from the perspective of utility function of micro-subject,ignoring information asymmetry on capital.The impact of source configuration.In view of this,based on the perspective of information asymmetry,starting from the utility function of micro-subjects,this article will study the change law of urban industrial land intensive use efficiency.Following the research idea of "information asymmetry→ resource allocation→ intensive use efficiency of urban industrial land",this article takes the intensive use efficiency of urban industrial land as the research object,adopts literature review,mathematical modeling and panel regression analysis methods,and conducts theoretical and theoretical studies on the mechanism of the impact of the change of resource allocation mode on the intensive use efficiency of urban industrial land under the condition of information asymmetry.Empirical analysis.Firstly,on the basis of summarizing and sorting out the existing literature,this article analyses the historical evolution law of urban industrial land intensive efficiency in different historical periods in China.The results show that resource endowment,government behavior and incentive and restraint mechanism are the three main factors affecting the urban industrial land intensive use efficiency in China.On this basis,this article constructs a "land rationing" model based on information asymmetry,and analyses the mechanism of information asymmetry on resource allocation from three perspectives: investment intensity,market returns and technological changes.The results of the model show that under the condition of asymmetric information,investment intensity can affect the quality of projects through screening tools and incentive mechanism.Therefore,when the traditional price mechanism fails,the government can protect its own interests by increasing investment intensity.In turn,the increase of investment intensity makes entrepreneurs obtain higher returns than the average market income level,which leads to excessive demand for land,resulting in the phenomenon of "land rationing".Market returns and technological changes further strengthen the phenomenon of "land rationing" from different perspectives.At the same time,"land rationing" also triggers entrepreneurs’ self-selection behavior,forcing entrepreneurs to choose projects with higher probability of success,thus effectively alleviating the risk of government information asymmetry.Then,based on the "land rationing hypothesis",this article makes a theoretical analysis of the intensive use efficiency of industrial land.The results show that under the condition of asymmetric information,"land rationing" helps to improve the efficiency of intensive use of industrial land.In order to test the "land rationing hypothesis" and its inferences,this article draws on the relevant research results of credit rationing theory,designs the index of land rationing coefficient to measure the allocation level of industrial land,and carries out different inferences of the "land rationing hypothesis" from different perspectives such as investment intensity,market yield,technological change and industrial land intensive use efficiency.Empirical test shows that the results of empirical test provide strong support for the hypothesis of land rationing.Finally,based on the "land rationing hypothesis",this article puts forward corresponding policy recommendations on how to improve the efficiency of intensive use of urban industrial land from the aspects of improving information asymmetry,establishing post-event negotiation mechanism and accelerating the construction of land market.The innovations of this article are as follows: Firstly,starting from the utility function of micro-subjects,a model of land rationing based on information asymmetry is constructed,and then a hypothesis of land rationing is put forward.It breaks the traditional understanding that risk does not affect resource allocation under the condition of exogenous risk,and points out that information asymmetry will change the risk sharing mechanism,thereby affecting resource allocation.It provides a new theoretical framework for the study of the impact of information asymmetry on resource allocation,and the content of the study has some new ideas.Secondly,it breaks the traditional understanding that the increase of investment intensity will reduce the efficiency of intensive land use,and points out that the increase of investment intensity will lead to "land rationing",reduce project risk,and then improve the efficiency of intensive use of industrial land.At the same time,it also puts forward a new theoretical explanation for China’s long-term high investment rate phenomenon,that is,a rational action taken by the government to solve the information asymmetry and improve the efficiency of resource allocation.It provides a new research idea for the study of urban industrial land intensive use efficiency,and extends the existing theory of land intensive use efficiency.Thirdly,the land rationing coefficient,which is an index to measure the level of industrial land rationing,is constructed.This article empirically tests the "land rationing hypothesis" and its inferences from four aspects: investment intensity,technological change,market return rate and intensive use efficiency of industrial land.The test results provide strong support for the "land rationing hypothesis".