Research On The Effect Of Industrial Land Marketization On Total Factor Productivity

The market allocation of factors has always been an important field of reform in China.Among them,the purpose and original intention of the market-oriented reform of industrial land is to realize the optimal allocation of industrial land,so as to promote the improvement of productivity.After the reform has been carried out for a period of time,the evaluation of its effect is helpful to further deepen the reform.Based on this,in order to reasonably evaluate the policy effect,this paper explores the influence mechanism of market-oriented reform on total factor productivity of enterprises from two aspects: resource allocation and technological innovation.In addition,this paper further uses the micro-enterprise land transfer-patent matching database from 2003 to 2013 to conduct the empirical tests.First of all,based on the description of the reform process and analysis of the status quo of the transfer mechanism of industrial land in China,this paper builds a heterogeneous enterprise production model to study the effect and influence mechanism of the market-oriented reform on the total factor productivity.Secondly,this paper tests the policy effect through the difference-in-difference method,and analyzes the heterogeneous effect of the reform from three aspects: enterprise,industry and region.Then,the mediating effect model is constructed to further test whether the reform can improve the total factor productivity of enterprises by promoting the optimal allocation of land resources and promoting technological innovation.Finally,this paper puts forward corresponding policy suggestions in view of the realistic demand of China’s industrial development and the realistic problems existing in the market allocation of industrial land.Based on the analysis,this paper draws conclusions as follows:(1)In terms of overall impact effect,the market-oriented reform of industrial land significantly improves the total factor productivity of enterprises.This result passes a series of robustness tests and the policy impact is persistent over time.(2)In terms of the effect of heterogeneity,the smaller the size of an enterprise is and the less dependent the industry is on land,the more obvious the improvement effect of its total factor productivity is.In terms of spatial heterogeneity,the effect of this policy in northeast and western regions is significantly higher than that in eastern regions.(3)In terms of influencing mechanism,resource allocation mechanism and technological innovation mechanism pass the test of mediating effect.From the perspective of optimal land allocation,the reform can realize the optimal allocation of land by increasing the land purchase area of high-efficiency enterprises and reducing the land purchase area of low-efficiency enterprises,thus promoting the total factor productivity of enterprises.From the perspective of enterprise technology innovation,the short-term impact of the reform on the level of technology innovation is not significant,but the lag effect is significantly positive.This reform can improve the long-term technological innovation level of enterprises,and then realize the purpose of promoting the total factor productivity of enterprises.This study identifies the policy effect and mechanism of the market-oriented reform of industrial land,and provides reference for further deepening the market-oriented reform of factors and realizing high-quality economic development.