摘要
基于2010—2017年中国城市面板数据,利用双重差分法,从土地要素的视角考察撤县设区改革对城投债发行的影响。研究发现:撤县设区显著促进了城投债发行,撤县设区的城市城投债发行金额上涨了30%~34%,发行概率上升了56%;机制分析发现撤县设区主要是通过增加招拍挂土地出让收入促进了城投债的发行;异质性分析表明撤县设区只对当年未发生官员变更、位于中西部地区以及2015年新预算法实施之前的样本城投债发行有显著的影响。基于以上结论,应该加强地方政府融资约束制度建设,调整央地财税关系并完善专项转移支付制度,市场化配置建设用地指标。
After the 2008 financial crisis, how did local governments use the land to finance urban construction? Based on China’s urban panel data from 2010 to 2017 and using the difference-in-difference modal, this paper examines the impact of the county-to-district reform on urban investment bonds from the perspective of land elements. The study shows that the county-to-district has significantly promoted the assignment of urban investment bonds. On average, the amount of urban investment bonds issued in cities where had county-to-district reform increase by 30%-34%, and the probability of issuance increase by 56%. The mechanism analysis indicates the reform county-to-district mainly promote the assignment of urban investment bonds by increasing the revenue from land transfers, auctions, and listings. And the heterogeneity analysis finds that the county-to-district reform only affects cities not change officials, the central and western regions and before the implementation of the new budget law in 2015. Based on the above conclusions, this article puts forward policy recommendations to strengthen the construction of the local government financing restraint systems, adjust the fiscal and taxation relationship between the central and local governments, improve the particular transfer payment system, and market-oriented allocation of construction land quotas.
作者
徐升艳
郭行
XU Shengyan;GUO Xing(Business School,Hohai University,Changzhou 213022,China;School of Public Administration,Hohai University,Nanjing 211000,China)
出处
《经济经纬》
CSSCI
北大核心
2022年第6期128-139,共12页
Economic Survey
基金
国家社会科学基金项目(22BJL052)
中央高校基本科研业务费人文社会科学专项(B210207040)。
关键词
撤县设区
土地出让
城投债
城市化
双重差分法
County-to-district Reform
Land Transfer
Municipal Investment Bonds
Urbanization
Difference-in-difference
