Land Price Distortion and Total Factor Productivity of Urban Enterprises:Empirical Evidence from the Scale of Chinese Prefecture-Level Cities
Starting from the distortion of land transfer prices,this study explores the impact and path of industrial land price on the total factor productivity of enterprises and uses the database of Chinese industrial enterprises and land transfer data from 2007 to 2015 to carry out an empirical test.It is found that industrial land price distortion will reduce the average productivity of urban enterprises,and its effect is more significant on cities of small scale with less market-oriented land factors in the western regions.It is also found that industrial land price distortions can reduce productivity by exacerbating over-investment of industrial enterprises and attracting low-productivity firms to locate.Local governments sell industrial land at low prices not only because of the agglomerative economic benefits brought by investment attraction,but also the result of impulsive investment under financial pressure.In this regard,this paper puts forward some suggestions,such as accelerating the reform of factor market,establishing an efficient industrial land supply system,and improving the political performance evaluation system,which provides some theoretical basis for promoting the improvement of enterprise productivity,integrating regional production factors,and enhancing re-gional development level.
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