| Infrastructure is an important driving force and component of urbanization,as well as an important engine for economic development.It is also of great value in meeting residents’ basic living needs.However,the demand for infrastructure construction funds is large,and the government’s financial resources alone are far from enough.The traditional government financial investment mode cannot meet the funding gap.In order to solve the problem of urban and rural infrastructure investment and financing,there is a trend and phenomenon of infrastructure financialization.To identify and evaluate the phenomenon of China’s infrastructure financialization,so as to grasp the development vein,evolution trend and scientific law of China’s infrastructure financialization.Aiming at the phenomenon of infrastructure financialization in the process of new urbanization in China,this study identifies the spatial-temporal characteristics and influencing factors of infrastructure financialization and evaluates the spatial effects by combining qualitative and quantitative methods.First of all,this paper forms a qualitative understanding of infrastructure financialization by combing and summarizing literature and using literature analysis tools.Then,the provincial-level panel data were used to construct an indicator of financialization level.The natural fracture method and spatial autocorrelation regression were used to measure the financialization level,development stage and spatial pattern of infrastructure in China’s provinces and analyze its influencing factors.Finally,this paper measures the overall characteristics of unbalanced regional development and urban scale expansion in China respectively.Based on panel data,this paper analyzes and discusses the impact of infrastructure financialization on unbalanced regional development and urban scale expansion.Through the research,it is found that:(1)The role of the government is unclear,and the risk restraint mechanism has not been established.Our infrastructure investment mainly depends on the transfer expenditure of the government,but the government in the aspect of supervision is lacking and not in place.Although the legal person mechanism has been introduced in some local projects,government leaders are still fully responsible in practice,and the organization and form of management are unreasonable,leading to the reduction of project risk constraints and great impact on the investment effect.(2)The investment and financing system is not perfect,and the potential risks of financial instruments are serious.At present,the focus of China’s infrastructure financialization is not the amount and proportion of financial capital in infrastructure funds,but the immaturity of financial instruments and their potential huge structural risks.In the past decades,China’s rapid economic construction has accumulated a lot of money.However,compared with developed countries,the maturity of the capital market is far from enough.There are no diversified and sufficient market-based financing tools,which restricts the asset management of infrastructure and restricts the matching between funds and infrastructure projects.(3)Great differences in financial resources between regions and low level of infrastructure construction in western China.The different preferences of financial capital for projects and regions have led to a sharp increase in risk in some regions,while others remain short of funds.The proportion of state budget funds invested in the western region is seriously inconsistent with the proportion of the western region in China’s territory and population.The total amount of investment in infrastructure construction in the western region is short,and the overall level of development in the western region lags behind. |
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