关键词: 地方政府“两手”供地, 企业创新, 土地资源配置, 土地市场化

Abstract: The tendency of “two hands” land supply keeps ubiquitous over the land market of China which provides industrial land at low price and provides commercial and residential land at high price at the same timeThis supply strategy has not only accelerated the process of largescale agglomeration and development of enterprises，but also has played profound influence on the behavior of enterprisesThis paper uses the micro land transaction data of China Land Market Network to calculate the “twohand” land supply indicators of 283 cities at the prefecture-level and above，and analyzes the impact mechanism of “two hands” land supply on enterprise innovation based on the matching panel data of the China Industrial Enterprise Database，the Chinese Industrial Enterprise Patent Database and the Chinese City DataThe results show that the local government “two hands” land supply policy has demonstrated graphically as an inverted Ushaped nonlinear impact on enterprise innovationMoreover，the price “scissors movement” between commercial land and industrial land brought by “two hands” supply in most cities keeps too large，which has obviously inhibited the innovation ability of enterpriseThe continuous deepening of local governments'“two hands” supply of land will hinder the improvement of enterprises' innovation level in the long run by reducing the R&D investment of cities and enterprises，weakening the agglomeration effect，and raising housing pricesThe growth competition and financial maximization of local governments will advance the “inflection point” between “two handd” land supply and enterprise innovation，further strengthening its inhibitory effect on enterprise innovationIn addition，local governments' “two hands” supply has obvious heterogeneity influence on corporate innovation，mainly depending on the type of enterprise ownership and city level

Key words: local governments'“two hands” land supply policy, corporate innovation, land resource allocation, land marketization