土地融资与财政和金融风险--来自东部一个发达地区的个案

研究目的:研究地方政府经营土地的风险和防范措施.研究方法:实地调查.研究结果:土地融资成为地方政府财政和城市化资金的重要来源.研究结论:20世纪90年代以来的城市化主要表现为政府主导和城市外延扩张;发达地区政府财政预算内靠城市扩张带来的产业税收效应,预算外靠土地出让收入,成为名副其实的"土地财政";追求土地收益最大化及以土地抵押融资是政府储备土地的真实宗旨;新一轮的城市扩张主要由银行资金投放支撑,而银行贷款又是通过土地撬动.

Financial Risks of Land Financing by Local Governments--Case Study of a Developed Area in East China

The purpose of the paper is to study risks of running land by loca l governments and to propose countermeasures. Method of case study was employed. T he results show land financing has become an important source of local revenue a nd funds for urbanization. The urbanization since last 90s features governmentdominated urban expansion. The industrial taxation by urban expansion within loc al financial budget and land remise income beyond financial budget have become r eal "land revenue". The principal of land reserve by the government is to purs ue the maximum land benefit and the land financing by mortgage. The new round of urban expansion is supported by funds of bank while the loan is driven by land.