摘要
本文利用1999-2019年中国地级市层面的面板数据,使用GMM方法研究土地出让市场化对制造业外商直接投资的挤出效应。实证分析发现:(1)土地出让市场化程度的提高明显挤出了制造业外商直接投资,在替换变量度量方式进行稳健性检验后,该结论依然成立。(2)异质性分析发现,这一挤出效应在西部地区尤为明显。(3)土地出让市场化进程中实施的土地财政是挤出制造业FDI的原因之一,地方政府依靠土地出让市场化弥补财政缺口,相比以地引资的资金约束时期,对外资的需求减弱。(4)土地出让市场化进程中形成的以土地抵押等二级市场融资为主要特征的土地金融模式缓解了国内企业的融资约束,外资制造业不再具有资金优势,制造业FDI被进一步挤出。
Based on the panel data of China's prefecture level cities from 1999 to 2019,this paper uses GMM method to study the crowding out effect of land transfer marketization on FDI in manufacturing industry.The empirical analysis shows that;(1)the improvement of marketization of land transfer has significantly squeezed out FDI in manufacturing industry,and the conclusion is still valid after the robustness test of the alternative variable measurement method.(2)Heterogeneity analysis shows that this crowding out effect is particularly obvious in the western region.(3)The implementation of land finance in the process of land transfer marketization is one of the reasons to squeeze out manufacturing FDI.Local governments rely on land transfer marketization to make up for the financial gap.Compared with the period of capital constraint,the demand for foreign capital is weakened.(4)In the process of marketization of land transfer,the land finance mode,which is mainly characterized by land mortgage and other secondary market financing,eases the financing constraints of domestic enterprises.Foreign manufacturing industry no longer has capital advantages,and manufacturing FDI is further squeezed out.
作者
陈明威
Chen Mingwei(School of Finance,Zhongnan University of Economics and Law,Wuhan 430073,China)
出处
《中南财经政法大学研究生论丛》
2021年第3期29-39,共11页
Journal of the Postgraduates of Zhongnan University of Economics and Law
基金
2020年中南财经政法大学中央高校基本科研业务费专项资金资助项目:新型货币政策市场效应的比较研究(项目编号=202010523),部分研究成果。
