Study On The Impact Of Land Finance On Resource Misallocation

As a scarce resource,land finance has become the main source of government extra-budgetary income under the dual effects of my country's unique performance evaluation system and land use system.It has also become one of the important means for the government to change the industrial structure and control the allocation of capital and labor.Through a review of the existing domestic and foreign literature,the research on the internal influence mechanism of land finance,industrial agglomeration and resource misallocation is still in the blank,and the improvement of land finance,industrial agglomeration and resource misallocation is of great significance to the stability and development of China's economy.Therefore,this paper takes land finance,industrial agglomeration and resource misallocation as the research objects,and studies the mediation effect of industrial agglomeration on the impact of land finance on resource allocation in China from 2008 to 2017 from the perspectives of the whole country and the integrated economic zone.According to the measurement results of land finance,industrial agglomeration and resource misallocation,the scale of land finance in China shows a trend of increasing first and then decreasing under the dual influence of land transfer price and land transfer area.The level of industrial agglomeration is constantly improving,the allocation of capital and labor is excessive,and the degree of misallocation and distortion is constantly worsening.Based on the measurement results,this paper uses multiple regression model,nonlinear regression model and mediation effect model to test the mediation effect of industrial agglomeration on the impact of land finance on resource allocation.The test results show that:1.There is a positive correlation between land finance and resource misallocation in China,and land finance plays a positive role in capital misallocation in the southwest and northwest integrated economic zones,as well as in improving labor misallocation in the northeast and northwest integrated economic zones.2.China's land finance has a promoting effect on the improvement of industrial agglomeration level,in which land finance has the most positive effect on the improvement of professional agglomeration level in Bohai Rim and the central integrated economic zone,and the least effect on the improvement of professional agglomeration level in the northwest integrated economic zone.3.China's industrial agglomeration has a significant inverted "U"shaped relationship with the misallocation of capital and labor,and China is now on the left side of the inverted "U" shaped curve.From the analysis results of integrated economic zone level,industrial agglomeration has no significant non-linear relationship with resource misallocation in Northeast and Northwest China,and the relationship between industrial agglomeration and resource misallocation in other integrated economic zones is consistent with that of the whole country.4.Industry cluster in our country land financial impact on resources misallocation with partial mediation effect of industry specialization of agglomeration in land financial misallocation of capital and labor misallocation effects of intermediary effect accounted for 12.49% and 10.34%respectively,diversification of industry agglomeration in land financial impact on the capital and labor misallocation of intermediary effect accounted for 18.97% and 11.01%respectively.Integrated economic zone intermediary effect test results show that the industrial agglomeration in the land finance resources misallocation also exist in the partial intermediary effect,among them,the integrated professional accumulation in Bohai Rim integrated economic zone land financial impact on the capital misallocation in the strongest mediation effect,intermediary effect 66.44%,diversified agglomeration in the central integrated economic zone land financial impact on resources misallocation mediation effect in the highest,46.78% intermediary effect.Based on the above research results,this paper puts forward relevant policy suggestions from the aspects of government assessment mechanism,land transfer marketization and industrial structure transformation and upgrading.