The impact of land resources dual misallocation on the over-investment of enterprises
[Objective]In view of the widespread over-investment problem of Chinese enterprises,this study took land resources allocation as the entry point to explore how land resources dual mis-allocation affect the over-investment of enterprises,and provide policy enlightenment for optimiz-ing land resources allocation to alleviate the over-investment of Chinese enterprises.[Methods]Us-ing data from 1017 listed companies and 185 cities from 2007 to 2021,a panel Tobit model combin-ing macro and micro variables was constructed to depict the impact of land resources spatial and use misallocation on the over-investment of enterprises and test their mechanisms.[Results](1)Both land resources spatial and use misallocation significantly contributed to the over-investment of enterprises,and the impact of land resources use misallocation on the over-investment of enter-prises was regulated by spatial misallocation.(2)In cities with relative land supply surplus,land re-sources spatial misallocation promoted over-investment of enterprises by exacerbating the disorder-ly expansion of enterprises and the imbalance of economic structure.In cities with relative land sup-ply shortage,land resources spatial misallocation promoted over-investment by triggering financing expansion and factor substitution.(3)In cities with relative land supply surplus,land resources use misallocation promoted over-investment by providing multiple subsidies and reducing the entry threshold of enterprises.In cities with relative land supply shortage,land resources use misalloca-tion promoted over-investment by causing asset bubbles and demand suppression.[Conclusion]We recommend to reasonably adjust the spatial pattern of the allocation of construction land,and actively promote the market-oriented allocation of land factors,so as to alleviate over-investment and improve the investment efficiency of enterprises.
land resourcesdual misallocationover-investment of enterprisesmediation effectpanel Tobit modelheterogeneity
NETL
NSTL
万方数据
