作　者：蔡庆丰
关键词：土地市场；商服地块；企业金融化；内部治理
摘　要：

在促进经济高质量发展的背景下，完善现代金融监管有助于引导金融活动回归实体经济。土地要素市场化改革作为我国经济社会改革的重要组成部分重塑了区域经济的发展模式，商服地块市场的乐观情绪亦正深刻影响着社会资本的流向与微观企业的投资行为。这种乐观情绪在提高商服地块出让溢价率的同时，可以通过提升高管过度自信程度与缓解企业融资约束的方式，提高企业金融化水平，该现象在企业缺少外部资源与内部监管压力较低的时候更加明显。当企业自身是非国有企业以及处于金融集聚程度更高的城市时，商服地块市场的乐观情绪对于企业金融投资决策的影响效应会更加显著，同时该促进效应会进一步提高企业过度投资程度。商服地块市场的乐观情绪为企业金融投资行为模式提供了理论解释。引导经济“脱虚向实”，要加强市场主体的内外部监管环境建设。

 

Land Market Optimism, Commercial Land Pricing Premium and Corporate Financialization

Cai Qingfeng, Liu Hao（Xiamen University） 

Abstract In the context of promoting high-quality economic development, strengthening modern financial regulation helps guide financial activities back to the real economy. As an important part of China's economic and social reform, the market-oriented reform of land factors has reshaped the development mode of regional economy and the optimism in the commercial land market is profoundly influencing the flow of social capital and firms' investment behavior. While increasing the premium rate of commercial land, this optimism can improve the financialization of firms by increasing the overconfidence degree of CEOs and easing the financing constraints of firms, which is more obvious when firms lack external financial resources and have low internal regulatory pressure. The effect of optimism in the commercial land market on firms' financial investment decisions is more pronounced when the firms are non-state owned and are in cities with higher financial concentration and this promotion effect can further increase firms' over-investment degree. The optimism in the commercial land market provides a theoretical explanation for their financial investment behavior. Therefore, it is suggested that the internal and external regulatory environment of market subjects should be strengthened in order to guide the economy to move from being virtual to a real entity.

Key words   land market; commercial land; corporate financialization; internal governance

 

■  作者简介 蔡庆丰，经济学博士，厦门大学经济学院教授、博士生导师；福建 厦门 361005；刘 昊，厦门大学经济学院博士研究生。

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