Research On The Spatial Characteristics Of Real Estate Investment And Its Relationship With Fiscal Revenue And Expenditure

Since the reform of the tax sharing system,China’s fiscal revenue and expenditure system has been greatly standardized,which has made a significant increase in the central and local fiscal revenue,but accompanied by the rapid growth of local fiscal expenditure,and its growth rate is far higher than the local fiscal revenue,so there is an absolute revenue and expenditure gap in the local finance.How to efficiently raise construction funds has become the most troublesome problem for the local government.Later,the introduction of commercial housing reform brought land finance into the vision of local governments and gradually evolved into one of the most important sources of fiscal revenue.At the same time,China’s real estate industry has also ushered in an upward cycle of more than 20 years.In order to increase income faster or complete the assessment index of GDP,local governments directly or indirectly participate in real estate investment,which has greatly promoted the development of real estate investment.Based on this,this paper aims to make a preliminary discussion and Exploration on the deep-seated relationship between real estate investment and fiscal revenue and expenditure.As the macroeconomic index of real estate investment has strong regional heterogeneity and correlation,and will have a strong reaction to local governments,which will have a great impact on the structure of fiscal revenue and expenditure.In order to better measure the characteristics of real estate investment and its interaction with local government fiscal revenue and expenditure,this paper integrates the dependence of local government real estate investment,the imbalance of fiscal revenue and expenditure and the development of per capita GDP,population and financial institutions into the overall model framework by combining spatial measurement method and panel autoregressive method,Explore the regional influence relationship of real estate investment and its interaction with fiscal revenue and expenditure in a longer-term economic or political cycle.Through the analysis of this paper,the following conclusions are drawn:real estate investment does have strong regionality,which is reflected in the closer the geographical distance is,the stronger the interaction of real estate investment is;Secondly,there is a long-term impact relationship between real estate investment and lagging items of fiscal revenue and expenditure,and the relationship between them is positive,but the impact of fiscal revenue and expenditure on real estate investment is stronger and far-reaching.The above conclusions have certain reference value for how to fundamentally stabilize the real estate industry and give full play to its pillar role in the economy.The imbalance of fiscal revenue and expenditure will increase the dependence of local governments on real estate investment,and the excessive dependence on real estate investment will also aggravate the imbalance to a certain extent.Therefore,we need to further improve the revenue and expenditure distribution system and reduce the financial pressure of local governments as much as possible;When considering the "GDP competition",governments close to each other will follow suit in real estate investment.Therefore,we need to improve the performance evaluation indicators of officials,reduce unnecessary competition and encourage local governments to learn from and promote each other in emerging fields.