摘要
过去十余年中国金融中介扩张的速度非常引人注目,文章利用中国省际面板数据,从土地资本化角度对此进行了解读。文章基于不同的模型设定——静态面板模型和动态面板模型,以及不同的工具变量策略——滞后期工具变量、外部工具变量以及动态面板模型设定下内部工具变量和外部工具变量的组合,控制了有关变量的内生性。研究结果表明,在控制了人均收入和其他反映中国省际经济差异的重要特征,以及有效解决有关变量的内生性问题之后,土地资本化显著促进了我国省际金融中介的扩张。中国式土地供给不仅具有"土地财政"效应,还存在宏观资本金融效应。
In the past ten years, the expansion of financial intermediation in China wasvery remarkable. This paper interprets this phenomenon from a perspective of land capital-ization based on provincial panel data in China. Based on different model settings, namelystatic and dynamic panel models, and different instrumental variable strategies, namelylagged instrumental variables, external instrumental variables and a combination set of in-ternal and external instrumental variables in a dynamic panel model, this paper controlsthe endogeneity of related variables. It arrives at the empirical results that land capitaliza-tion promotes significantly the expansion of financial intermediation at provincial level inChina, after the control of per capita income and other important features reflecting inter-provincial economic disparities and effective solution to the endogeneity of related varia-bles. The Chinese-style pattern of land supply has not only the land finance effect, but alsoa macro-capital financial effect.
出处
《财经研究》
CSSCI
北大核心
2015年第8期4-18,共15页
Journal of Finance and Economics
基金
国家社科基金重大项目"全面提升金融为实体经济服务的水平和质量研究"(12&ZD074)
