土地财政抑制了企业创新吗?——基于信贷错配视角的分析
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引用本文:李 玉 龙.土地财政抑制了企业创新吗?——基于信贷错配视角的分析[J].财经理论与实践,2019,(1):111-117
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作者单位
李 玉 龙 (复旦大学 经济学院上海 200433) 
中文摘要:基于一般均衡框架,考量房价、土地财政与企业创新之间的关系。研究发现:金融市场存在摩擦时,土地作为重要的抵押资产,房价波动和土地财政会扭曲创新资源的配置,在短期和长期对创新产生不同的影响。短期房价上升通过土地财政推动政府支出增加和总产出扩张,同时带动了企业的研发投入。当面临新的投资机会时,企业可以通过出售房产,缓解流动性约束。但在长期,土地财政引致的政府债务挤出了企业信贷,部门间信贷错配抑制了企业研发投入,同时高房价会导致企业转移部分资源投资房产,部门内资源错配进一步抑制了企业创新,从而降低了长期经济增长率,政府增加土地供给,则会弱化政府债务对企业创新要素的挤出效应。
中文关键词:土地财政  信贷错配  企业创新
 
Does Land Finance Inhibit Firm Innovation?——Analysis from the Perspective of Credit Misallocation
Abstract:This paper analyzes the relationship among the housing price, land finance and the innovation of firms in a general equilibrium framework when the land is the important collateral asset in the frictional finance market, the paper suggests that house price and land finance will distort allocation of the resource for the innovation, and they have different effect on the innovation in the short and long terms. In the short term, the rise of housing price increases government's spending, the increasing government expenditure drives the expansion of the output as well as firms' R&D investment. Firms will relieve liquidity constraints by selling house asset upon arrival of new investment opportunities, however, in the long run, the government debt will crowd firm's credit out in the credit market, credit misallocation between the firm and government will suppress the firm's R&D investment, at the same time, high housing price induces the firms to invest in the property, credit misallocation within the department will further suppress the innovation and reduce the long-term economic growth. The increase of land supply by the government will mitigate its crowd-out effect on firm's resources for innovation under the borrowing constraints.
keywords:Land finance  Credit misallocation  Firm innovation
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