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Acta Geographica Sinica, Volume. 75, Issue 10, 2126(2020)

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

Ruzi LI1,2, Yaobin LIU1,2、*, Wengang WANG3, and Dejin XIE2
Author Affiliations
  • 1Research Center of Central China Economic and Social Development, Nanchang University, Nanchang 330031, China
  • 2School of Economics and Management, Nanchang University, Nanchang 330031, China
  • 3Institute of Natural Resources and Environment, Hebei Normal University, Shijiazhuang 050024, China
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    AbstractGet PDF(in Chinese)
    Figures&Tables (18)
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    Figures & Tables(18)
    The theoretical framework of the impact of land finance on economic efficiency

    Fig. 1. The theoretical framework of the impact of land finance on economic efficiency

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    Kernel density of urban land finance and TFP in China

    Fig. 2. Kernel density of urban land finance and TFP in China

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    The fitting curve of TFP between DEA-Malmquist and Solow residual methods

    Fig. 3. The fitting curve of TFP between DEA-Malmquist and Solow residual methods

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    Spatio-temporal evolution of land finance in Chinese cities

    Fig. 4. Spatio-temporal evolution of land finance in Chinese cities

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    Spatio-temporal evolution of TFP in Chinese cities

    Fig. 5. Spatio-temporal evolution of TFP in Chinese cities

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    • Table 1. Temporal evolution and regional differences of TFP in Chinese cities in 2005-2015

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      Table 1. Temporal evolution and regional differences of TFP in Chinese cities in 2005-2015

      变量地区2005—2006年2007—2008年2009—2010年2011—2012年2013—2014年2014—2015年
      全国1.0951.0701.0321.0060.9920.998
      东部地区1.1031.0641.0401.0121.0101.006
      TFP中部地区1.0851.0631.0210.9920.9730.977
      西部地区1.1021.0771.0341.0090.9871.001
      东北地区1.0811.0851.0311.0151.0001.020
      全国1.0451.1021.0241.0271.0301.007
      东部地区1.0531.1041.0271.0361.0351.015
      TECH中部地区1.0401.0971.0191.0181.0230.998
      西部地区1.0421.1051.0291.0271.0311.006
      东北地区1.0471.0981.0191.0251.0301.006
      全国1.0240.9851.0151.0081.0001.006
      东部地区1.0270.9851.0210.9980.9871.000
      SECH中部地区1.0160.9891.0101.0070.9941.003
      西部地区1.0320.9851.0141.0171.0201.014
      东北地区1.0170.9771.0111.0140.9951.009

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

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      Table 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)
      lnownership0.0122***0.0264***0.00731*0.006290.009620.0351**0.007530.0141***0.0118***
      (4.62)(5.39)(1.74)(1.13)(1.16)(1.99)(0.67)(2.66)(3.64)
      lnstructure0.00981*-0.0003070.00705-0.01720.01470.166***0.03080.0630***-0.00605
      (1.91)(-0.03)(0.66)(-1.64)(0.92)(5.11)(1.14)(5.51)(-0.97)
      lnscifiscal0.00912***0.002930.00589*0.0128***0.0149***0.00737-0.001220.0134***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)
      lntrade0.00543**0.0139***0.005170.005080.004280.01170.0368*0.004690.00478*
      (2.58)(2.87)(1.27)(1.48)(0.64)(1.25)(1.82)(0.88)(1.95)
      lnroaddensity0.0837***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)
      lnpubt0.00555*0.0108**0.00557-0.00800-0.0002440.01530.01790.006250.00415
      (1.74)(2.31)(1.04)(-1.11)(-0.02)(0.66)(1.11)(0.88)(1.10)
      lngreen0.000969-0.007830.004870.001160.000556-0.006150.0113-0.008340.000761
      (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**-0.01580.0119-0.0139-0.00100-0.0235***
      (-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)
      N30589528768563741321636662097
      R20.3640.4260.4900.3280.2370.5630.4550.4470.357

    • Table 3. Scale effect of land finance on economic efficiency in Chinese cities

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      Table 3. Scale effect of land finance on economic efficiency in Chinese cities

      解释变量被解释变量：lnSECH
      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
      lnlandfinance0.00325***0.00364**0.00407***0.001880.003830.0154**0.004430.00702***0.00150
      (3.54)(2.11)(2.71)(1.03)(1.53)(2.06)(0.91)(3.78)(1.39)
      控制变量是是是是是是是是是
      特征变量是是是是是是是是是
      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5.292***11.65***6.199***1.8210.92316.42**4.3725.269***4.023***
      (5.24)(5.77)(3.87)(0.76)(0.34)(2.25)(0.64)(2.64)(3.05)
      N30589528768563741321636662097
      R20.0420.1130.0630.0580.0650.1610.1500.1170.029

    • Table 4. Technical inhibition effect of land finance on economic efficiency in Chinese cities

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      Table 4. Technical inhibition effect of land finance on economic efficiency in Chinese cities

      解释变量被解释变量：lnTECH
      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-0.0122***-0.0138***-0.0149***-0.0111***-0.00833***-0.0182**-0.0169***-0.0147***-0.0117***
      (-11.67)(-6.70)(-7.16)(-6.39)(-2.79)(-2.29)(-3.88)(-6.12)(-9.59)
      控制变量是是是是是是是是是
      特征变量是是是是是是是是是
      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-0.00544***-0.00145-0.00702***-0.00651***-0.00450***-0.00565-0.00812***-0.00530***-0.00482***
      (9.65)(1.23)(6.40)(5.79)(2.86)(1.47)(2.69)(4.15)(6.62)
      N30589528768563741321636662097
      R20.3090.3160.4340.3220.2500.2630.4400.3000.322

    • Table 5. The indirect routes of land finance to economic efficiency in Chinese cities

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      Table 5. The indirect routes of land finance to economic efficiency in Chinese cities

      lnhouseinvestlnTFPlnsalarylnTFPlnhousepricelnTFP
      lnlandfinance0.152***0.0173***0.0432***
      (15.37)(7.16)(10.85)
      lnhouseinvest-0.0159***
      (-5.86)
      lnsalary-0.0454***
      (-3.94)
      lnhouseprice-0.0346***
      (-5.01)
      控制变量是是是是是是
      特征变量是是是是是是
      个体效应是是是是是是
      时间趋势是是是是是是
      常数项-279.0***14.03***-211.7***9.217***-174.7***12.62***
      (-25.67)(7.80)(-79.71)(3.13)(-39.96)(6.21)
      N305830583058305830583058
      R20.8620.3670.9700.3630.9040.365

    • Table 6. The indirect routes of urban land finance expansion to economic efficiency in Eastern China

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      Table 6. The indirect routes of urban land finance expansion to economic efficiency in Eastern China

      lnhouseinvestlnTFPlnsalarylnTFPlnhousepricelnTFP
      lnlandfinance0.125***0.0190***0.0869***
      (8.55)(4.39)(12.58)
      lnhouseinvest-0.0279***
      (-5.28)
      lnsalary-0.0972***
      (-5.31)
      lnhouseprice-0.0196*
      (-1.80)
      控制变量是是是是是是
      特征变量是是是是是是
      个体效应是是是是是是
      时间趋势是是是是是是
      常数项-294.5***6.226*-195.4***-4.279-169.3***11.42***
      (-17.22)(1.95)(-38.43)(-0.94)(-20.92)(3.35)
      N952952952952952952
      R20.9070.4420.9730.4430.9210.426

    • Table 7. The indirect routes of urban land finance expansion to economic efficiency in Central China

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      Table 7. The indirect routes of urban land finance expansion to economic efficiency in Central China

      lnhouseinvestlnTFPlnsalarylnTFPlnhousepricelnTFP
      lnlandfinance0.135***0.0219***0.0211***
      (6.50)(4.08)(2.62)
      lnhouseinvest-0.0195***
      (-3.57)
      lnsalary-0.00788
      (-0.36)
      lnhouseprice-0.0466***
      (-3.22)
      控制变量是是是是是是
      特征变量是是是是是是
      个体效应是是是是是是
      时间趋势是是是是是是
      常数项-269.7***24.02***-212.8***28.13***-185.0***21.01***
      (-12.13)(6.34)(-37.22)(4.81)(-21.53)(4.79)
      N876876876876876876
      R20.8930.4910.9740.4830.9280.490

    • Table 8. The indirect routes of urban land finance expansion to economic efficiency in Western China

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      Table 8. The indirect routes of urban land finance expansion to economic efficiency in Western China

      lnhouseinvestlnTFPlnsalarylnTFPlnhousepricelnTFP
      lnlandfinance0.130***0.0158***0.0283***
      (7.80)(4.09)(3.75)
      lnhouseinvest-0.00885*
      (-1.68)
      lnsalary-0.0176
      (-0.75)
      lnhouseprice-0.0393***
      (-3.30)
      控制变量是是是是是是
      特征变量是是是是是是
      个体效应是是是是是是
      时间趋势是是是是是是
      常数项-319.2***14.32***-223.2***13.42**-185.3***9.867**
      (-14.62)(3.84)(-44.07)(2.16)(-18.74)(2.49)
      N856856856856856856
      R20.8580.3270.9720.3250.8830.334

    • Table 9. The indirect routes of urban land finance expansion to economic efficiency in Northeastern China

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      Table 9. The indirect routes of urban land finance expansion to economic efficiency in Northeastern China

      lnhouseinvestlnTFPlnsalarylnTFPlnhousepricelnTFP
      lnlandfinance0.263***0.005430.0308***
      (6.78)(0.78)(3.11)
      lnhouseinvest-0.0164**
      (-2.49)
      lnsalary-0.0299
      (-0.75)
      lnhouseprice-0.0531*
      (-1.95)
      控制变量是是是是是是
      特征变量是是是是是是
      个体效应是是是是是是
      时间趋势是是是是是是
      常数项-192.8***8.967-205.1***6.629-159.4***4.063
      (-4.63)(1.64)(-27.59)(0.68)(-15.00)(0.59)
      N374374374374374374
      R20.7560.2310.9670.2180.9050.225

    • Table 10. The indirect routes of urban land finance expansion to economic efficiency in cities with a population more than 5 million

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      Table 10. The indirect routes of urban land finance expansion to economic efficiency in cities with a population more than 5 million

      lnhouseinvestlnTFPlnsalarylnTFPlnhousepricelnTFP
      lnlandfinance0.101***0.008150.0849***
      (3.25)(0.79)(4.49)
      lnhouseinvest-0.0491***
      (-2.95)
      lnsalary-0.0929*
      (-1.74)
      lnhouseprice-0.00704
      (-0.26)
      控制变量是是是是是是
      特征变量是是是是是是
      个体效应是是是是是是
      时间趋势是是是是是是
      常数项-241.3***23.00***-194.0***17.89-106.3***35.21***
      (-7.94)(3.31)(-19.15)(1.51)(-5.75)(5.37)
      N132132132132132132
      R20.9440.5950.9840.5750.9440.563

    • Table 11. The indirect routes of urban land finance expansion to economic efficiency incities with a population between 3 million and 5 million

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      Table 11. The indirect routes of urban land finance expansion to economic efficiency incities with a population between 3 million and 5 million

      lnhouseinvestlnTFPlnsalarylnTFPlnhousepricelnTFP
      lnlandfinance0.118***0.0184**0.0408***
      (4.82)(2.13)(3.15)
      lnhouseinvest-0.0235
      (-1.35)
      lnsalary-0.0940*
      (-1.81)
      lnhouseprice-0.0772**
      (-2.29)
      控制变量是是是是是是
      特征变量是是是是是是
      个体效应是是是是是是
      时间趋势是是是是是是
      常数项-279.4***8.834-249.8***-7.945-154.7***3.392
      (-8.13)(0.97)(-20.56)(-0.53)(-8.49)(0.37)
      N163163163163163163
      R20.9370.4510.9790.4570.9380.464

    • Table 12. The indirect routes of urban land finance expansion to economic efficiency incitieswith population between1 million and3million

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      Table 12. The indirect routes of urban land finance expansion to economic efficiency incitieswith population between1 million and3million

      lnhouseinvestlnTFPlnsalarylnTFPlnhousepricelnTFP
      lnlandfinance0.166***0.0228***0.0577***
      (10.18)(4.28)(6.83)
      lnhouseinvest-0.0275***
      (-4.19)
      lnsalary-0.0380*
      (-1.75)
      lnhouseprice-0.0452***
      (-3.41)
      控制变量是是是是是是
      特征变量是是是是是是
      个体效应是是是是是是
      时间趋势是是是是是是
      常数项-365.9***14.17***-212.0***17.19***-180.6***16.61***
      (-20.94)(3.56)(-37.09)(3.08)(-19.90)(4.23)
      N666666666666666666
      R20.9230.4530.9710.4400.9100.448

    • Table 13. The indirect routes of urban land finance expansion to economic efficiency incities with a population less than 1 million

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      Table 13. The indirect routes of urban land finance expansion to economic efficiency incities with a population less than 1 million

      lnhouseinvestlnTFPlnsalarylnTFPlnhousepricelnTFP
      lnlandfinance0.151***0.0158***0.0377***
      (11.69)(5.47)(7.67)
      lnhouseinvest-0.0118***
      (-3.71)
      lnsalary-0.0354**
      (-2.41)
      lnhouseprice-0.0279***
      (-3.26)
      控制变量是是是是是是
      特征变量是是是是是是
      个体效应是是是是是是
      时间趋势是是是是是是
      常数项-266.3***12.96***-212.1***8.832**-172.5***11.44***
      (-16.89)(5.34)(-60.12)(2.28)(-28.76)(4.21)
      N209720972097209720972097
      R20.8450.3580.9710.3550.9010.357
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    Ruzi LI, Yaobin LIU, Wengang WANG, Dejin XIE. China's urban land finance expansion and the transmission routes to economic efficiency[J]. Acta Geographica Sinica, 2020, 75(10): 2126

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    Paper Information

    Received: May. 17, 2019

    Accepted: --

    Published Online: Apr. 14, 2021

    The Author Email: Yaobin LIU (liuyaobin2003@163.com)

    DOI:10.11821/dlxb202010007

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