Abstract: This paper reconsidered the rationality and sustainability of land finance and established a comprehensive interpretation theoretic framework of the rapid growth of transfer income which attributed to the motivation and abilityThe former inspired the subjective will of local government to obtain land transfer income and the latter was the guarantee of objective conditions of local government to obtain land transfer incomeThe local government development motivation was very strong due to the government performance evaluation mechanismThe industrialization and urbanization advancement and land demand were the source of the rapid growth of the land revenueThe pattern of industrialization and urbanization in China was the development path of consumption subsidies investmentLand finance was the core means of this patternThe local government obtained large amounts of land transfer income and translated into the industrial capital subsidy

Key words: land finance , transfer motivation , transfer ability , industrialization and urbanization , consumption subsidies investment

摘要： 社会各界对土地财政的合理性和可持续性普遍关注。本文重新思考该问题，建立一套全面解释土地出让收入快速增长的理论框架，归结为动机和能力两大因素。前者激发了地方政府获取土地出让收入的主观意愿，后者则是保证地方政府顺利获取土地出让收入的客观条件。处于各个发展阶段的地方政府，它们发展经济的动机一直非常强烈，根本原因在于政绩考核机制。工业化和城镇化的加速推进及其带来的土地需求快速增长，构成了能力的主要内容，是土地出让收入快速增长的源泉。中国工业化和城镇化的发展模式是一条“消费补贴投资”的发展路径，土地财政是实现这种发展模式的核心手段。地方政府获取大量的土地出让收入，转化为对工业资本的财政补贴。

关键词: 土地财政 , 土地出让动机 , 土地出让能力 , 工业化和城镇化 , 消费补贴投资