On Transformation of Land Finance from the Perspective of Local Economic Growth-System GMM Analysis Based on Dynamic Panel Data of Prefectural Cities

摘要

Based on the panel data of 265 prefecture-level cities in China, the dynamic panel model system (GMM) was used to estimate the relationship between local economic growth and land finance. The results of the study indicate that local economic growth is largely influenced by land finances. From the perspective of sub-regions, the impact of land finance on local economic growth in different regions is significantly different, having more influence on the economic growth in the central and western regions than the eastern regions. In the current environment of economic development, land finance has its own significance, and its role in promoting local economic development, especially in the central and western regions, cannot be underestimated. The local government should transform the land finance from the three aspects of land fiscal revenue, expenditure and the transformation of local government functions, in order to alleviate the current adverse impact of land finance on economical and social development.