Abstract:
Using the prefecture level panel data during 2002-2012, we examined the specific influence and mechanism of land finance on regional innovation. The empirical result shows: (1) Reliance on land finance of local government significantly hinder the regional innovation; (2) The government spending preferences, the crowding out effect of enterprise innovation, and destruction of the institutional environment are main mechanism under the land finance model; (3) The influence of land finance on innovation has significant heterogeneity in regional and land transfer forms. Therefore, the establishment of innovative nation requires the further regulation on the behavior of local government and weakening the financial dependence on land resource.
鲁元平, 张克中, 欧阳洁. 土地财政阻碍了区域技术创新吗？——基于267个地级市面板数据的实证检验[J]. 金融研究, 2018, 455(5): 101-119.
LU Yuanping, ZHANG Kezhong, OU Yangjie. Does Land Finance Hinder Regional Innovation？Based on the Data of 267 Prefectural-Level City in China. Journal of Financial Research, 2018, 455(5): 101-119.
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