关键词: 土地财政, 市场化改革, 改革停滞

Abstract: This paper first puts forward a hypothesis about the promotion mechanism of China's reform, then uses it as an analytical framework to illustrate the inherent logic of how the land finance blocks China's market reform, and finally, using the inter-provincial panel data from 1999 to 2014, confirms the theoretical assumption. The results of the research are as follows: (1)The method of Fixed effect, DIF-GMM and SYS-GMM models are used to show that the coefficients between the land finance and the market reform are significantly negative at the level of 5%, and that for each additional unit of land finance, the process of market reform is reduced by an average of 0.45 Percentage points;(2) When the land finance is replaced by the land financial dependence, it is estimated that with the same method, the land financial dependence rises by 1% and the marketization reform declines by an average of 0.36%, and the regression results are still consistent;(3)Through the fiscal decentralization and land finance's interaction, the DIF-GMM and SYS-GMM models which overcome the endogeesis find that fiscal decentralization also has an impact on the process of marketization reform. Fiscal decentralization has hindered the advancement of marketization through the intermediary of land finance. The average impact is 0.25%. After controlling a variety of factors that affect the marketization reform, the results are still robust. The research of this paper provides new empirical evidence for the study on the reasons for the stagnation of the marketization reform.

Key words: Land Finance, Market Reform, Reform Stagnation