Study On The Impact Of Industrial Land Misallocation On Total Factor Productivity

China’s economy grows rapidly and has made remarkable achievements with an annual growth rate above 9% since the implementation of the reform and openness in 1978.China’s unique land system plays an important role behind the rapid economic growth.However,in the context of China’s special land system,land has been regarded as a key factor of production with strong policy color,which is different from capital and labor.Under the pressure of fiscal decentralization and performance appraisal,local governments hold down the price of industrial land to attract investment,while restrict the sale of commercial and residential land to generate income from the high price.Which resulted in the area and price deviation of industrial land,distorted industrial structure and disturbed the function of market mechanism in resource allocation.The improvement of resource allocation efficiency can improve TFP effectively,while TFP is an important source of economic growth.Therefore,the efficiency of urban industrial land allocation and utilization is directly related to the longterm sustainable development of economy in China.At present,China’s economic growth has entered a new stage,in order to promote the economic transformation and the TFP,it is necessary to transform our traditional economic development patterns.In the face of new challenges,we should be more careful and rational in allocating the increasingly scarce land resources,improving TFP,and promoting China’s economy to high-quality development.Therefore,how’s the current situation of industrial land misallocation and TFP? What is the impact path of industrial land misallocation on TFP? How to improve TFP by reversing the mismatch of industrial land? In view of the above questions,this study constructs the analysis framework of "phenomenon-path-result" and analyzes the influence mechanism between them.This paper studied the following contents :(1)The influence mechanism between the industrial land misallocation and TFP.Firstly,analyze the general mechanism of land resource mismatch on TFP.Then,analyze the influence mechanism between industrial land misallocation and TFP,on this basis,the paper analyzed the influence mechanism between the industrial land misallocation,the industrial structure and TFP.(2)Measurement of industrial land misallocation index and TFP in China.By selecting the appropriate index measurement method,using descriptive statistical analysis and stochastic frontier models,calculated the industrial land misallocation index and TFP,and analyzed their dynamic characteristics.(3)Build the mediating effect model of "industrial land misallocation,industrial structure and TFP".Construct the intermediary effect model and introduce the lag term of explained variable to construct the dynamic panel model.Estimate the model with GMM,examined the impact of industrial land misallocation on TFP and the mediating role of industrial structure.(4)Summarize the research conclusions and put forward the corresponding policy recommendations.The conclusions of this paper are as follows :(1)On the whole,the price mismatch index of industrial land shows an expanding trend.The regional characteristics of the price index are obvious.The price index in developed regions is much higher than that in underdeveloped regions.The transfer of industrial land is an important part of the agreement transfer,and the actual adoption and implementation of industrial land control policies varied from region to region.(2)During the research period,China’s TFP was growing steadily with a total increase of 6 percent,but the growth rate was declining gradually.Besides,the distribution between regions was unbalanced,the eastern part is higher than the central part and the central part is higher than the western part.The TFP of the western part is even negative.(3)The industrial land misallocation has a significant hindrance to the improvement of TFP.For each percent increase of mismatch index,the TFP decreases by 0.01%.(4)The mismatch of urban construction land will inhibit the growth of TFP by hindering the rationalization and upgrading of industrial structure.The mediating effects are significant and account for 7.2%and 20.94% of the total effect respectively.(5)Both TFP and industrial structure rationalization have path dependence characteristics.According to the above research conclusions,this study put forward policy suggestions as follows:(1)Regulate the land market,(2)Construct a flexible land supply system,(3)Formulate differentiated land supply policies,(4)Optimize the industrial structure,(5)Enhance the capacity of STI.