蔡璧涵

[提　要]本篇从地方政府激励行为的角度，通过理论和实证分析相结合的研究方法，探讨了中国的土地财政问题。具体来说，首先分析了中国地方政府的土地财政现状和成因，然后考察和比较了各省级政府对土地财政的依赖程度，最后详细地讨论了地方政府财政支出和政治周期对出让土地行为的影响。总的来看，近几十年来，中国的地方政府对土地财政高度依赖，形势十分严峻。然而，这背后的逻辑与地方政府的激励行为不无关系。

[关键词]土地财政；政治激励；财政支出；政治周期

Research on Land Finance and Fiscal Incentives of Local Governments(www.daowen.com)

Tsai Pi-Han

Abstract:This part focuses on analyzing the fiscal and political incentives of local governments and examining how their incentives affect China's land finance.We start with a brief review of the background of land finance and its evolvement，discussing the increasing reliance of local governments on land finance and how it varies across different provinces.We then explore the existence of land finance cycles，focusing on the changes of the amount and the price of land leasing by negotiation or by auction.Our results indicate that land finance is driven by local governments'incentives，contributing to China's local economic development and fluctuation.

Key Words:Land Finance；Career Concerns；Fiscal Expenditure；Political Cycles