Reseach On Urban Land Marketization And Total Factor Productivity Improvement In China

The need of land use to adapt to the development of urban productivity has spurred the urban land system arrangement to move in the direction that is most conducive to economic development.How urban land institutional arrangements coordinate the sustainable growth of China's economy is a problem worthy of our theoretical research.At the present stage in China,the institutional arrangement of the local government as the main body to differentiate the land to cause land financial dependence has largely deviated from the urban marketization.In fact,considering that land has both natural and capital attributes,government and corporate decisionmaking and public use and capitalization of land cannot be institutionalized by a single perspective and path.China's urban land marketization currently has problems caused by this institutional arrangement,which requires us to study.Based on the natural attributes and capital attributes of land,this paper intends to use total factor productivity as a proxy variable for economic development,and to analyze the impact of urban land marketization from the two perspectives of resource allocation and financing constraints.The aim is to incorporate market entities to systematically examine urban land marketization,with a view to objectively assessing the actual economic performance of urban land market reforms.The research content of this paper is mainly divided into the following parts: The first part is the introduction,which describes the object,background and significance of the research.The second part combs the relevant theories of land participation in macro-control,such as economic growth theory,spatial economics,and institutional economics,and review the main literature on land transfer,resource allocation,financing constraints and total factor productivity in the academic community;the third part describes the evolution of urban land marketization and total factor productivity,and measures the total factor productivity.The fourth part to the sixth part analyze the internal mechanism of the influence of urban land marketization on total factor productivity from the theoretical level,and propose relevant research hypotheses.Then,taking 256 prefecture-level cities in China from 2003 to 2016 as a sample,this paper empirically analyzes the impact of urban land marketization on total factor productivity and the mechanism of its impact by using systematic GMM estimation,and proposes several policy recommendations for discussion.The main conclusions of this paper are as follows:(1)Urban land marketization has a very complicated impact on total factor productivity,and it has the characteristics of “first suppression,post-promotion,and re-inhibition”;(2)the resource allocation effect of urban land marketization is In the short term,it has a significant positive effect on improving the total factor productivity,but it is negatively affected by the weakening effect of its financing effect in the long run;(3)Whether it is the primary land market or the secondary market,urban land marketization has obvious financing effects.The increase in land financing in the short term will promote the improvement of total factor productivity,but the excessive liquidity represented by land-level market financing will influx the total factor productivity.The basic point of this paper is that there is friction between China's current urban land marketization and the improvement of total factor productivity.The crux of the problem is that short-term and long-term land financing does not conform to market-oriented arrangements.In the future,further deepening the urban land market reform should focus on improving the efficiency and direction of the use of land-level market financing,that is,government land transfer income.Of course,these issues involve all aspects of economic operations,and we need to explore them in depth.