土地市场扭曲与中国居民消费不足

发布时间：2018-07-31 11:18

【摘要】：居民消费需求不足是困扰我国经济增长的一个重要问题。与以往文献围绕人口结构、预防性储蓄、流动性约束、消费习惯等视角的研究不同,文章重点考察土地市场扭曲对中国居民消费不足的影响及其作用机制。在土地垄断供给背景下,地方政府垄断农地非农化市场和城市土地一级市场造成土地市场扭曲,是导致居民消费需求疲软的一个重要原因。文章通过构造土地市场扭曲指标,并基于中国2000-2014年省级面板数据进行实证检验发现,土地市场扭曲对居民消费需求具有显著的抑制作用,土地市场扭曲程度越高,居民消费率则越低。在使用工具变量克服内生性问题后,结论仍然成立。进一步的作用机制研究表明,土地市场扭曲主要通过扩大城乡收入差距、推高住房价格、降低劳动收入份额、加剧财政支出结构偏向的途径影响居民消费。文章的政策含义在于,土地市场扭曲抑制了居民的消费需求,而推进土地供给市场化改革是提升居民消费的有效手段。
[Abstract]:Insufficient consumer demand is an important problem that puzzles the economic growth of our country. Different from the previous studies on population structure, precautionary savings, liquidity constraints and consumption habits, this paper focuses on the impact of land market distortion on the underconsumption of Chinese residents and its mechanism. Under the background of land monopoly supply, local governments monopolize the agricultural land conversion market and the urban land primary market distort the land market, which is one of the important reasons leading to the weak consumer demand. By constructing the land market distortion index, and based on the provincial panel data from 2000 to 2014 in China, it is found that the land market distortion has a significant inhibitory effect on residents' consumption demand, and the higher the land market distortion is, the higher the land market distortion is. The lower the consumption rate. After the use of tool variables to overcome endogenous problems, the conclusion is still valid. The further research on the mechanism of action shows that the distortion of land market affects the residents' consumption mainly by enlarging the income gap between urban and rural areas, pushing up the housing price, reducing the share of labor income and increasing the bias of fiscal expenditure structure. The policy implication of this paper is that the distortion of the land market suppresses the consumption demand of the residents, and promoting the reform of land supply marketization is an effective means to enhance the consumption of the residents.
【作者单位】：湖南科技大学商学院;
【基金】：国家社会科学基金青年项目(13CJL049)
【分类号】：F126.1;F301.2

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