Study On The Formation Mechanism Of Urban Operating Construction Land Structural Misallocation

The efficiency of resource allocation determines economic and social benefits.Urban operating construction land is the basic resource for carrying out production activities and carrying human living space.Its effective allocation is a prerequisite for promoting social progress,creating social wealth,and improving people's living standards.At present,the contradiction between the supply and demand of urban operating construction land in China is gradually increasing,and it shows obvious structural misallocation,which has become an important factor restricting the quality and efficiency of China's economic growth.The key to correcting the misallocation of operating construction land lies in grasping its causes.Therefore,this paper studies the formation mechanism of misallocation from the principle,the intrinsic motivation and the process of formation.Firstly,this paper describes the misallocation phenomenon and analyzes the mechanism of misallocation of urban operating construction land based on resource allocation theory and supply-demand balance theory.Secondly,theoretically analyzed the intrinsic motivation force to promote the formation of misallocation is local government competition and local financial predicament.Finally,the formation process of misallocation in the primary market and the secondary market is analyzed,and a panel regression model is established to test the intrinsic motivation factors.The conclusions of this paper can be summarized as: There are obvious structural misallocation in the urban operating construction land in China;Local government competition and local financial predicament are the internal driving forces for the formation of misallocation in operating construction land,the competitiveness of local governments significantly promotes the supply of industrial land,and financial demand significantly promotes the supply of residential land,but there are certain differences in different regions;In order to realize the best interests,local governments adopt specific land supply strategies in the primary land market,giving priority to guaranteeing the supply of large quantities of industrial land,thus squeezing the supply of residential land,eventually leading to misallocation;The secondary land market has a low level of development,resulting in an increase in the misallocation of urban operating construction land.