关键词: 土地价格扭曲, 政府动机, 企业预期, 中介效应

Abstract: The price ratio of the residential land to the industrial land in China has been deviating from the reasonable level for a long time and increasing year by year, which reflects the distortion degree of land price. With the parcel-level data of land conveyance in 287 cities of China from 2007 to 2017, this paper finds that the local governments’ motivations at the supply side and the enterprises’ expectations at the demand side together lead to such land price distortion. Enterprises ’ expectations act as the mediator of local governments ’ motivations and support partial mediation effect in the formation of land price distortion. It means enterprises’ expectations become the tool of local governments and unconsciously distorts the land price. Land price distortion is conducive to local industrial capital accumulation, though at the expense of the efficiency of primary land use. To alleviate the land price distortion, the government should give guidance to enterprises ’ expectations in the short term. In the long run, it is necessary to weaken local governments’ interfering incentives in the primary land market.

Key words: Land Price Distortion, Local Governments ’ Motivations, Enterprises ’ Expectations, Mediation Effect