Enterprise And Regional Effects Of Land Resource Allocation

The report of the 19 th National Congress of the Communist Party of China stated that "the reform of the economic system must focus on improving the property rights system and the market-oriented allocation of factors to achieve effective incentives for property rights,free flow of factors,flexible price responses,fair and orderly competition,and survival of the fittest." At present,a large amount of literature provides empirical evidence for the allocation of land resources,but from the perspective of the land demand side-the enterprise,there are fewer literatures on the study of land resources allocation from a micro perspective.Based on the reality,this paper starts from the easing effect of land resources on financing constraints,and analyzes how land affects regional economic development through financing channels.It has practical significance.This article first sorts and reviews the research results of domestic and foreign scholars.Then put forward research hypotheses at the individual and regional levels,and analyze their channels of action.Finally,the 2006-2013(excluding 2010)industrial enterprise database and China Land Network micro-data were used for empirical research.The research in this paper finds that land acquisition can ease the financing constraints of enterprises.Through this channel,the amount of land has a crowding-out effect on regional economic efficiency.First,land acquisition reduces the sensitivity of individual companies’ investment cash flow,and this financing mitigation effect is stronger for small enterprises,private enterprises,low-profit enterprises,and four types of enterprises with weak external financing capabilities.Secondly,the relief of land mortgages on the financing constraints of "poor" enterprises has dragged down the productivity improvement of enterprises at the regional level.The specific manifestation is that more inefficient enterprises in districts and counties enter and survive,which reduces the total factor productivity of districts and counties.For urban suburbs where land resource mismatches are more severe,this crowding out effect is even more pronounced.In order to improve the reliability of empirical analysis,this paper controls endogenous problems by adding control variables,introducing instrument variables,and adding cross terms.The main results are more robust and support the research hypothesis.Based on the above discussion,this article believes that the allocation of bank credit resources should be optimized to effectively solve the financing difficulties and expensive financing problems of small and medium-sized enterprises and private enterprises;the allocation efficiency of land resources should be improved,administrative intervention should be reduced,and the resources of existing land should be optimized Configuration.