周夏飞 应欣璇 马 腾

[提　要]本篇从地区工业化水平、工业企业经营效率及创新能力的角度，研究土地财政对工业企业发展的影响。研究发现，土地财政扭曲了产业结构，引发了“早熟的去工业化”现象，其中房价上涨为主要影响渠道，政府规模扩张是重要渠道；土地财政有损工业企业的经营效率，主要原因是土地财政背景下银行对工业企业贷款期限结构的短期化，以及企业偏好房地产投资；土地财政阻碍了工业企业创新，通过房地产投资上升和政府研发补助缩减产生“挤出效应”。研究结论凸显了地方政府行为对经济发展转型的影响。

[关键词]土地财政；工业化；经营效率；创新

Research on Land Finance and It's Influence on the Development of Industrial Enterprises(www.daowen.com)

ZHOU Xiafei YING Xinxuan MA Teng

Abstract:This part investigates the influence of land finance on the development of industrial enterprises，including the effects on the level of industrialization，operational efficiency and innovation of industrial enterprises.The research finds that，land finance distorts industrial structure and results in premature de-industrialization，in which the increase of property price is the main channel while the expansion of government scale is an important channel.Land finance weakens the operational efficiency of industrial enterprises，and the shortened bank loan maturity structure is the main channel while the outspread real estate investment is an important channel.Land finance damages the enthusiasm for innovation，which results from the increasing interest in real estate and the decreasing public R&D subsidies.Our empirical research indicates that land finance gives rise to real estate bubble and impedes industrial transformation and upgrading.Our conclusion highlights the impacts of the behavior of local government on the transformation of economic development.

Key Words:Land Finance；Industrialization；Operational Efficiency；Innovation