关键词: “土地财政&rdquo, 名义攫取之手 , 福利效应

Abstract:

Unlike existing studies only emphasize the causes and impacts of land finance respectively from fiscal decentralization and economic performance, based on the firstgeneration panel and secondgeneration panel unit root test, this paper analyzes the expansion and impacts of land finance, using 1998—2012 provincial panel data and pooled OLS, FE OLS, SYSGMM.The results show: firstly, land finance not only affected by the homogeneity of the central taxation system, but also by heterogeneity of local noninstitutional factors, like as human capital, population size, industrial structure and technological development; secondly, land finance is not exist “absolute grab”, it is essentially “nominal grab” and has some benefits in shortterm. This paper finds that land finance is misunderstood in causes and consequences. In postera of land finance, we must change the perspective of income from “sell for money” to “make money by itself”, change the perspective of from “capital accumulation” to “credit financing”, change the business model from the “capital accumulation” to “land fund”, to resolve the slow growth of local governments finance and to make up payments gap for promoting new city.

Key words: land finance , nominal grab , effect of welfare