本文關(guān)鍵詞：地根經(jīng)濟(jì)的微觀基礎(chǔ):土地抵押貸款的杠桿放大效應(yīng)研究　出處：《財(cái)貿(mào)經(jīng)濟(jì)》2017年04期 　論文類型：期刊論文

  更多相關(guān)文章： 地根經(jīng)濟(jì) 土地抵押 杠桿放大

【摘要】：在地根經(jīng)濟(jì)中,土地是重要的宏觀調(diào)控工具。近年來(lái),土地財(cái)政和地方政府債務(wù)問(wèn)題引起了學(xué)界廣泛的討論,卻鮮有研究單獨(dú)討論土地的杠桿性質(zhì)及其風(fēng)險(xiǎn)特征。本文以地方政府為例,在一個(gè)合約理論的框架下探討了該問(wèn)題。研究發(fā)現(xiàn):土地資產(chǎn)的增加不僅提高了地方政府的負(fù)債水平,還將導(dǎo)致其杠桿率上升,此即杠桿放大效應(yīng);該效應(yīng)通過(guò)收益渠道和風(fēng)險(xiǎn)渠道同時(shí)發(fā)生作用,使地方政府項(xiàng)目終止的概率增大,且在終止?fàn)顟B(tài)下使整個(gè)經(jīng)濟(jì)遭受更大損失。進(jìn)一步研究還發(fā)現(xiàn),該放大效應(yīng)關(guān)于土地遞增,并隨土地價(jià)格上漲進(jìn)一步增強(qiáng)。最后,基于融資平臺(tái)財(cái)務(wù)數(shù)據(jù)的實(shí)證分析支持了以上結(jié)論。本文建議:采取綜合手段保持土地價(jià)格穩(wěn)定,并對(duì)地方政府及其下屬的土地儲(chǔ)備中心實(shí)行土地抵押比例上限管理;涉及土地供給的調(diào)控政策應(yīng)當(dāng)審慎操作等。
[Abstract]:Land is an important macro-control tool in the land root economy. In recent years, the issue of land finance and local government debt has been widely discussed in academic circles. However, there are few studies to discuss the leveraged nature of land and its risk characteristics. This paper takes the local government as an example. Under the framework of a contract theory, this paper discusses this problem. The study finds that the increase of land assets not only increases the debt level of local government, but also leads to the increase of leverage ratio, which is called leverage amplification effect; This effect acts simultaneously through both revenue and risk channels, which increases the probability of termination of local government projects, and makes the whole economy suffer more losses under the state of termination. The amplification effect is about land increasing, and with the increase of land price, it is further strengthened. Finally. The empirical analysis based on the financial data of the financing platform supports the above conclusions. This paper suggests that comprehensive measures should be taken to maintain the stability of land prices. And to the local government and its subordinate land reserve center carries out the land mortgage proportion upper limit management; The regulation and control policy involving land supply should be handled prudently.
【作者單位】： 北京林業(yè)大學(xué)經(jīng)濟(jì)管理學(xué)院;北京交通大學(xué)經(jīng)濟(jì)管理學(xué)院;
【基金】：中央高�；究蒲袠I(yè)務(wù)費(fèi)專項(xiàng)資金:“北京林業(yè)大學(xué)新進(jìn)教師科研啟動(dòng)基金”(BLX2015-44) “北京林業(yè)大學(xué)人文社科專項(xiàng)振興計(jì)劃”(RW2015-21)
【分類號(hào)】：F301.2;F832.4
【正文快照】： 一、引言近年來(lái),土地財(cái)政和地方政府債務(wù)問(wèn)題成為了各級(jí)政府調(diào)控的重點(diǎn),同時(shí)也是學(xué)界研究的熱點(diǎn)。前者指的是政府通過(guò)出讓土地使用權(quán)而取得收入,后者則是地方政府通過(guò)設(shè)立融資平臺(tái)來(lái)為一系列政府支出舉借的債務(wù)。在這兩個(gè)問(wèn)題的形成過(guò)程中,土地(即國(guó)有土地使用權(quán))起到了關(guān)鍵的，

本文編號(hào)：1383893