The Research On Land Transfer Behavior Of Local Government:Industrial Bias Or Residential Bias

Local fiscal revenue is one of the important indicators of the degree of local economic development.Especially after the reform of the tax sharing system in 1994,the mismatch between "local authority" and "property right" of local governments made land finance an increasingly important part of local fiscal revenue..There are two main motives for land transfer by local governments:First,"investment promotion",through the sale of low-cost land to industrial enterprises,and the introduction of business investment for local companies in order to obtain a steady stream of tax revenues to increase the local economic level and fiscal revenue;The second is to "make money from the land",that is,to sell the land at high prices as residential land or commercial land,and in the current period obtain high land transfer fees to expand local finances.However,there is also a great risk of land finance.In addition to the fact that land is a scarce,non-renewable resource,the unscientific land transfer behavior of local governments also poses risks to the local economy and people's livelihood,such as the idleness of large amounts of industrial land and the excess of housing prices.The range that residents can afford.Therefore,it is of great theoretical and practical significance to study the allocation of industrial land and residential land to local governments according to local conditions.In terms of theory,this paper establishes a general equilibrium analysis framework that includes the three sectors of local government,industrial enterprises,and real estate companies.A general equilibrium solution is obtained for the model,and the impact of various factors on the behavior of local government land sales is obtained through comparative static analysis.This paper considers that the ratio of industrial land to residential land in an area depends on the factor endowments of industrial enterprises,the factor endowments of real estate companies,and the level of housing prices.When the factor endowment of industrial enterprises in a region dominates,industrial biased land supply policies should be implemented;when the factor endowment of real estate enterprises is dominant or the housing prices are high,a residential bias-oriented land supply policy should be implemented.On the empirical side,this paper takes 105 domestic key cities in China's Land and Resources Statistics Yearbook as research samples,selects a total of 630 statistical data of these cities from 2009 to 2014,forms panel data,and uses a fixed-effect regression model for empirical analysis.This article measures the endowments of regional industrial companies and real estate companies based on the total number of employed people and the number of students enrolled in universities in the region.The empirical evidence shows that there is a significant positive correlation between the proportion of industrial land and the factor endowments of second-produced industrial enterprises.At the same time,the proportion of industrial land and the factor endowments of real estate companies are obviously negatively related.We can conclude that the results of the empirical analysis are consistent with the theoretical derivation.Finally,according to the results of the theoretical model analysis and empirical research,we provide relevant policy recommendations for local governments,hoping to provide reference and reference for our local governments to conduct rational and scientific land transfer behavior.