Study On The Impact Of Land Transfer On Economic Growth

The land transfer has a short history in our country. It can date back to the late1980s or early1990s, to meet the need of development of market economy in China. Local governments on one hand use land transfer huge fiscal revenues to promote local infrastructure construction, on the other hand, they use urban land as bait to attract investments, capitals, labor factors to contribute to local economy; land transfer takes great role in the rapid economic growth in recent years.In order to study the impact of the land transfer on economic growth, this paper attempts to establish a framework of this analysis, and then to verify the conclusion through empirical research. In this paper, the author mainly does the following work:Firstly, through literature review, to summarize the research status of the land transfer and economic growth, building an analysis framework of the impact of land transfer on economic growth. Secondly, to carry out an empirical study about the impact of land transfer premium on economic growth. Thirdly, to carry out an empirical study about the impact of land transfer factors on economic growth. Finally, to explore the future development of the land transfer.The results of this paper mainly includes:(1) Land transfer affects economic growth in two ways. Firstly, the government increase local fiscal expenditure through land transfer revenues to promote local economic development; secondly, to get the land elements involved into the market allocation of resources, through market access to attract capital, labor, and other elements into the local market to promote economic growth. The increase in land elements can attract capital and labor to come in to promote local economic growth.(2)Granger test results indicate the presence of unidirectional significant credible Granger causality; Land transfer premium has a significant unidirectional effect to GDP. The generalized impulse response and variance decomposition analysis indicate that the impact of the land transfer premium on GDP is much larger than that of GDP on the land transfer premium. Therefore, the conclusion show that land transfer premium strongly affects GDP, while the impact of economic fluctuations on the land transfer is not obvious.(3)The increase in land resources promote economic growth, the CD-Douglas function research show that the land under the conditions of market economy, its elements function has not as effectively as labor and capitals.