Abstract: In the context of China's transition to highquality development, an indepth analysis of the impact of local government land transfer intervention on enterprise productivity is of great significance. This paper uses land price distortion as a link to reflect the influencing mechanism of local government land transfer intervention on industrial enterprise productivity. A mediation effect model, based on the microdata of industrial enterprises from 2007 to 2014, is applied for the empirical analysis. The results indicate that the intervention of local government in industrial land transfer will lead to negative land price distortion, and therefore the decline in industrial enterprise productivity. Heterogeneity test by industries shows that, compared with laborintensive and technologyintensive industries, this negative transmission effect is more pronounced in capitalintensive industries. Therefore, the paper suggests to further deepen the reforms in marketoriented land resource allocation and the evaluation of local government performance.

Key words: industrial enterprises, land transfer intervention, element price distortion, enterprise productivity, transmission effect

摘要： 在高质量发展的背景下，深入剖析地方政府土地出让干预对微观企业生产率的影响具有重要意义。本文以土地价格扭曲为切入点，揭示地方政府土地出让干预对工业企业生产率的影响机理，并使用2007—2014年工业企业微观数据构建中介效应模型进行实证检验。研究表明，地方政府干预工业用地出让会造成土地要素价格的负向扭曲，进而导致工业企业生产率下降。分行业的异质性检验表明，相对于劳动密集型和技术密集型行业，这种负向传导影响在资本密集型行业中更为显著。对此，本文建议应继续深化土地要素市场配置、地方政府绩效考核等相关改革。

关键词: 工业企业, 土地出让干预, 要素价格扭曲, 企业生产率, 传导影响