Land Financialization,Resource Misallocation and Enterprise Total Factor Productivity
As local governments transition from conventional land finance to land financialization,the financial at-tributes of land emerge as pivotal variables in evaluating China's"land-driven development"model's economic contribu-tion.This paper,utilizing two datasets encompassing national tax surveys and prefecture-level land financing spanning 2007 to 2015,investigates the impact of land financialization on enterprise Total Factor Productivity(TFP)and its under-lying mechanisms,focusing on the misallocation of land and financial resources.The findings reveal that land financial-ization,driven by the debt expansion of local government financing vehicles(LGFVs),significantly hampers the growth of enterprise TFP.This inhibitory effect is particularly pronounced in regions characterized by severe land price distor-tions,substantial non-standard LGFV debt,and within non-state-owned enterprises.The mechanism behind this phenom-enon involves the intensification of land investment competition and the clustering of low TFP enterprises through indus-trial land grant subsidies.Simultaneously,under credit discrimination and mortgage preferences,local governments lever-age financial resources via LGFV debt and land mortgage loans,leading to distorted allocations of land and financial re-sources.Consequently,this distortion hinders the growth of enterprise TFP.This study not only expands existing litera-ture on the impact of land grants on resource misallocation and productivity loss but also provides valuable insights for decision-making in advancing market-oriented factor allocation reforms and promoting high-quality economic develop-ment.
Land FinanceLand FinancializationResource MisallocationTotal Factor Productivity
NETL
NSTL
万方数据
