土地资源空间与用途双重错配对企业过度投资的影响
The impact of land resources dual misallocation on the over-investment of enterprises
王敏 1彭山桂 1杨昊达 1于新源 2胡钰莹2
作者信息
- 1. 山东农业大学经济管理学院,泰安 271018;山东农业大学山东省高校农业资源与生态安全研究中心,泰安 271018
- 2. 山东农业大学经济管理学院,泰安 271018
- 折叠
摘要
[目的]针对中国企业普遍存在的过度投资问题,以土地资源配置为切入点,探究土地资源空间与用途双重错配如何影响企业过度投资,为优化土地资源配置、缓解中国企业过度投资提供政策启示.[方法]利用2007-2021年1017家上市公司及其所在185个城市的数据,构建宏微观变量结合的面板Tobit模型,刻画土地资源空间错配、用途错配对企业过度投资的影响结果并检验其作用路径.[结果]①土地资源空间错配与用途错配都对企业过度投资产生了显著的推动作用,且用途错配对企业过度投资的影响受到空间错配的调节.②土地资源空间错配在土地供给相对过剩城市内,通过加剧企业无序扩张与经济结构失衡,推升企业过度投资;在土地供给相对短缺城市内,通过推动融资膨胀与要素替代,推升企业过度投资.③土地资源用途错配在土地供给相对过剩城市内,通过提供多重补贴与降低企业进入门槛,推升企业过度投资;在土地供给相对短缺城市内,通过引发资产泡沫与需求抑制,推升企业过度投资.[结论]应合理调整建设用地指标分配的空间格局,积极推进土地要素市场化配置,缓解企业过度投资,提升企业投资效率.
Abstract
[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.
关键词
土地资源/双重错配/企业过度投资/中介效应/面板Tobit模型/异质性Key words
land resources/dual misallocation/over-investment of enterprises/mediation effect/panel Tobit model/heterogeneity引用本文复制引用
出版年
2024
NETL
NSTL
万方数据