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利用1999-2007年中国30个省区市的面板数据实证分析表明:土地资本化对投资增长的弹性系数为0.21%;土地资本化一方面促进了地方政府的投资,另一方面又挤出了居民储蓄向实体经济投资的转换,使中国的土地资本化带有某种“荷兰病”的特征。分析表明,近年来快速的农地非农化所生成的土地资源并不是作为直接的生产要素进入生产过程,而是作为一种资源的资本化进行大量贴现,并推动当地政府投资和本地经济增长。土地资源的资本化不仅使中国经济闭锁于粗放的发展方式,难以持续,而且也对耕地资源的保护造成巨大的压力。
Empirical analysis using the panel data of 30 provinces and autonomous regions in China from 1999 to 2007 shows that the elasticity coefficient of land capitalization to investment growth is 0.21%. Land capitalization not only promotes local government investment, but also squeezes out The conversion of household savings to real economy investments has given China’s land a certain “Dutch disease” character. The analysis shows that in recent years, the land resources generated by the rapid non-agricultural land conversion have not entered the production process as a direct factor of production but have been discounted as a capitalization of resources and promoted local government investment and local economic growth . The capitalization of land resources not only blocks the economy of China from the extensive mode of development, but also causes great pressure on the protection of cultivated land resources.