Listing Industrial Land Leasing and Total Factor Productivity of Enterprises:Based on Chinese County-Level Data
This paper investigates the causal effect of leasing industrial land through the listing mode on the total factor productivity of industrial firms.Based on Chinese industrial enterprise database and land leasing micro-data from 2007 to 2013,this paper demonstrates that a higher area ratio of industrial land leased through the listing mode in a county is associated with a greater inhibitory effect on the total factor productivity of industrial enterprises.This conclusion remains robust after a series of tests such as two-stage Ⅳ estimation.Meanwhile,the inhibitory effect will be amplified among enterprises in mid-western regions,enterprises located far from provincial capital cities,larger enterprises,and non-state-owned and non-collective enterprises.The mechanism analysis reveals that the listing mode of industrial land leasing hinders the growth of total factor productivity in industrial enterprises through three channels:the fiscal expenditure gap,corporate profit contraction,and low average labor wages.Further analysis implies that the listing mode of industrial land leasing will also aggravate the dispersion of firms'total factor productivity within a county,which is not conducive to alleviating the problem of local economic resource mismatch.Based on the above conclusions,it is necessary to further promote the market-oriented reform of the land leasing system,establish a vertical evaluation mechanism,and improve the efficiency of land resource allocation in China.
Industrial LandLocal GovernmentListing Land LeasingTotal Factor Productivity of Enterprises
万方数据
