中国城市土地财政扩张及对经济效率影响路径

李汝资, 刘耀彬, 王文刚, 谢德金

China's urban land finance expansion and the transmission routes to economic efficiency

LI Ruzi, LIU Yaobin, WANG Wengang, XIE Dejin

表2 中国城市土地财政扩张对经济效率影响的基准回归结果^①

Tab. 2 Regression results of the impact of land finance on economic efficiency in Chinese cities

解释变量	全国	东部地区	中部地区	西部地区	东北地区	超特大城市	Ⅰ型大城市	Ⅱ型大城市	中小城市
lnlandfinance	-0.00674^***	-0.00386	-0.0107^***	-0.00510^**	-0.0146^***	-0.000545	-0.00909^*	-0.00921^***	-0.00659^***
	(-4.57)	(-1.62)	(-3.28)	(-2.03)	(-2.97)	(-0.09)	(-1.70)	(-3.25)	(-3.55)
lnownership	0.0122^***	0.0264^***	0.00731^*	0.00629	0.00962	0.0351^**	0.00753	0.0141^***	0.0118^***
	(4.62)	(5.39)	(1.74)	(1.13)	(1.16)	(1.99)	(0.67)	(2.66)	(3.64)
lnstructure	0.00981^*	-0.000307	0.00705	-0.0172	0.0147	0.166^***	0.0308	0.0630^***	-0.00605
	(1.91)	(-0.03)	(0.66)	(-1.64)	(0.92)	(5.11)	(1.14)	(5.51)	(-0.97)
lnscifiscal	0.00912^***	0.00293	0.00589^*	0.0128^***	0.0149^***	0.00737	-0.00122	0.0134^***	0.00780^***
	(5.85)	(1.31)	(1.94)	(3.65)	(2.64)	(1.48)	(-0.25)	(5.06)	(3.63)
lnfiscal	-0.0381^***	-0.0428^***	-0.00714	-0.0406^***	-0.0154	-0.0258	-0.0447	-0.0213	-0.0364^***
	(-5.17)	(-2.89)	(-0.44)	(-3.54)	(-0.63)	(-0.81)	(-1.26)	(-1.44)	(-4.00)
lntrade	0.00543^**	0.0139^***	0.00517	0.00508	0.00428	0.0117	0.0368^*	0.00469	0.00478^*
	(2.58)	(2.87)	(1.27)	(1.48)	(0.64)	(1.25)	(1.82)	(0.88)	(1.95)
lnroaddensity	0.0837^***	0.114^***	0.105^***	0.0692^***	0.0338^***	0.169^***	0.161^***	0.0683^***	0.0876^***
	(18.93)	(15.24)	(13.20)	(7.27)	(2.72)	(7.29)	(7.26)	(9.15)	(15.43)
lnpubt	0.00555^*	0.0108^**	0.00557	-0.00800	-0.000244	0.0153	0.0179	0.00625	0.00415
	(1.74)	(2.31)	(1.04)	(-1.11)	(-0.02)	(0.66)	(1.11)	(0.88)	(1.10)
lngreen	0.000969	-0.00783	0.00487	0.00116	0.000556	-0.00615	0.0113	-0.00834	0.000761
	(0.31)	(-1.63)	(0.74)	(0.21)	(0.04)	(-0.47)	(0.84)	(-1.05)	(0.20)
lninternet	-0.0151^***	-0.0150^***	-0.00907	-0.0142^**	-0.0158	0.0119	-0.0139	-0.00100	-0.0235^***
	(-5.36)	(-4.32)	(-1.37)	(-2.32)	(-1.40)	(1.10)	(-1.61)	(-0.24)	(-5.55)
个体效应	是	是	是	是	是	是	是	是	是
时间趋势	是	是	是	是	是	是	是	是	是
常数项	17.54^***	14.38^***	27.52^***	16.25^***	10.58^**	35.97^***	14.46^*	22.98^***	15.20^***
	(10.83)	(5.15)	(7.88)	(4.93)	(2.00)	(6.25)	(1.92)	(7.54)	(6.71)
N	3058	952	876	856	374	132	163	666	2097
R²	0.364	0.426	0.490	0.328	0.237	0.563	0.455	0.447	0.357