地根经济的微观基础:土地抵押贷款的杠杆放大效应研究

发布时间：2018-01-05 16:20

  本文关键词：地根经济的微观基础:土地抵押贷款的杠杆放大效应研究　出处：《财贸经济》2017年04期 　论文类型：期刊论文

  更多相关文章： 地根经济 土地抵押 杠杆放大

【摘要】：在地根经济中,土地是重要的宏观调控工具。近年来,土地财政和地方政府债务问题引起了学界广泛的讨论,却鲜有研究单独讨论土地的杠杆性质及其风险特征。本文以地方政府为例,在一个合约理论的框架下探讨了该问题。研究发现:土地资产的增加不仅提高了地方政府的负债水平,还将导致其杠杆率上升,此即杠杆放大效应;该效应通过收益渠道和风险渠道同时发生作用,使地方政府项目终止的概率增大,且在终止状态下使整个经济遭受更大损失。进一步研究还发现,该放大效应关于土地递增,并随土地价格上涨进一步增强。最后,基于融资平台财务数据的实证分析支持了以上结论。本文建议:采取综合手段保持土地价格稳定,并对地方政府及其下属的土地储备中心实行土地抵押比例上限管理;涉及土地供给的调控政策应当审慎操作等。
[Abstract]:Land is an important macro-control tool in the land root economy. In recent years, the issue of land finance and local government debt has been widely discussed in academic circles. However, there are few studies to discuss the leveraged nature of land and its risk characteristics. This paper takes the local government as an example. Under the framework of a contract theory, this paper discusses this problem. The study finds that the increase of land assets not only increases the debt level of local government, but also leads to the increase of leverage ratio, which is called leverage amplification effect; This effect acts simultaneously through both revenue and risk channels, which increases the probability of termination of local government projects, and makes the whole economy suffer more losses under the state of termination. The amplification effect is about land increasing, and with the increase of land price, it is further strengthened. Finally. The empirical analysis based on the financial data of the financing platform supports the above conclusions. This paper suggests that comprehensive measures should be taken to maintain the stability of land prices. And to the local government and its subordinate land reserve center carries out the land mortgage proportion upper limit management; The regulation and control policy involving land supply should be handled prudently.
【作者单位】： 北京林业大学经济管理学院;北京交通大学经济管理学院;
【基金】：中央高校基本科研业务费专项资金:“北京林业大学新进教师科研启动基金”(BLX2015-44) “北京林业大学人文社科专项振兴计划”(RW2015-21)
【分类号】：F301.2;F832.4
【正文快照】： 一、引言近年来,土地财政和地方政府债务问题成为了各级政府调控的重点,同时也是学界研究的热点。前者指的是政府通过出让土地使用权而取得收入,后者则是地方政府通过设立融资平台来为一系列政府支出举借的债务。在这两个问题的形成过程中,土地(即国有土地使用权)起到了关键的，

本文编号：1383893