关键词: 自发自还, 地方政府, 土地财政, 双重差分法

Abstract:

Land Finance and local government bonds are important financing channels for local governments. The evolution of the issuance and repayment modes of local government bonds is directly related to the financing scale of local governments, which will affect the local government land transfer behavior through the mechanism of local finance. Taking the 2014 “Self-issuing Self-paying” pilot implementation as a natural experiment, this paper employs the difference-in-differences method to identify the influence of local government bonds “Self-issuing Self-paying” mode on local government land transfer behavior. The study finds that under the “Self-issuing Self-paying” mode, local governments are responsible for repaying the bonds directly, so they have the motivation to change the land transfer behavior in order to obtain more land-transferring fees. Moreover, there is a stronger incentive to change the behavior of land transfer and increase the revenue of land finance in areas with a fiscal deficit. Further empirical results show that the effect of the “Self-issuing Self-paying” model on local government land transfer is influenced by the local fiscal deficit and the economic catch-up pressure. Finally, based on the research conclusion, we put forward some policy inspirations for reference.

Key words: Local Government Bonds, Self-issuing Self-paying, Local Governments, Land Finance, Difference-in-differences