摘要
依赖"土地财政"的地方政府在面对不利的房地产市场冲击时会采取什么措施平滑财政收入波动呢?文章识别并分析了一个潜在的重要机制,即中国地方政府"借道"融资平台获得土地出让金,进而反哺预算内财政收入的机制。利用土地出让和融资平台的微观数据,文章发现:中国城市的政府融资平台购买住宅和商服用地占比具有显著的"逆周期性",即在房地产市场调整期成交额(面积)比例显著上升。进一步的分析表明,对于那些"财政压力"较大、地方官员晋升动机较高的城市,这一"逆周期性"表现得更加明显。融资平台购地的资金主要来源于融资平台债务的增加,而非地方政府后期的补贴,这可能会进一步增加地方政府的隐性债务。且上述"逆周期性"主要存在于中西部地区和三、四线城市。文章的发现对深入了解地方政府"土地财政"的运作机制,理解地方政府预算内"财政压力"与预算外"隐性债务"之间的互动关系具有重要意义。
Since the reform of the "tax-sharing system" in 1994,the problem of "unbalanced fiscal revenue and expenditure" of local governments has increasingly become a hot topic of concern to many observers. This is mainly reflected in the lack of budgetary fiscal revenue caused by the mismatch between financial power and responsibility. On the other hand,under the long-term promotion mechanism based on local GDP growth,local officials have continued enthusiasm for "investment attraction" and fixed asset investment. In the context of the central government’s "four-trillion" fiscal stimulus plan in 2008,a large number of local government financing vehicles(LGFVs hence after)have sprung up,and funds have been obtained through bank loans and "Municipal Investment bonds" to support infrastructure construction and stimulate local economic growth. The disorderly expansion of the financing vehicle business also inevitably accumulates a large amount of debt,which makes local governments face the pressure of debt repayment either explicitly or implicitly.Faced with "budgetary pressures within the budget" and "debt pressures" outside the budget,local governments have increasingly relied on land sales for more than a decade. Land transfer income can not only supplement the local fiscal gap,but also become the most credible source of debt service income for local governments. In addition,land assets are the most important financing collateral for financing vehicles. Land income and land assets have become the most important means for Chinese local governments to make up for fiscal pressure and maintain local debt.However,the income from local government land sales is not always stable,but is often affected by shocks from the housing demand side. In order to "cool down" the long-term "overheated" real estate market,the central government announced more than 30 national real estate regulation and control policies between2003 and 2016. The most typical example is the two waves of "Purchase Restriction" during 2010 and 2013.These regul
作者
张路
龚刚
Zhang Lu;Gong Gang(School of Finance,Capital University of Economics and Business,Beijing 100070,China;Financial Research Institute,Yunnan University of Finance and Economics,Kunming 650221,China)
出处
《财经研究》
CSSCI
北大核心
2020年第6期4-18,共15页
Journal of Finance and Economics
基金
首都经济贸易大学新入职青年教师科研启动基金项目资助
关键词
地方政府
财政压力
土地财政
融资平台
土地市场
local governments
fiscal pressure
land finance
financing vehicles
land market
