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Abstract During the reform of production factors in the market, improving the secondary market for the transaction of construction land use rights has been identified as a key task by the Chinese Communist Party and the State Council. However, there is still insufficient quantitative evidence supporting the issue of whether the secondary market can indeed improve the efficiency of industrial land use as theoretically expected. Recognizing the gap in the existing literature, this study aims at exploring the impact of the secondary market on the economic efficiency of industrial land through theoretical analysis and verifying the hypothesis in combination with empirical analysis, with the expectation of providing policy implications for deepening the market-oriented reform of land.
Specifically, this paper obtained survey data of industrial enterprises in X city in 2019 through the government of X city in S province. The survey data contains detailed information on finance and land of enterprises, which allows us to discuss how the secondary market circulation of industrial land improves efficiency. The empirical analysis based on the Logit and Probit model shows that enterprises with poor efficiency and weak innovation ability tend to transfer or lease industrial land to enterprises with good efficiency and strong innovation ability. Such a transfer is of great significance in improving the efficiency of land use. On the one hand, for poorly managed or struggling industrial enterprises, transferring out industrial land that cannot be fully utilized can not only effectively avoid the cost caused by idle land but also obtain considerable land transfer income. On the other hand, after companies in the rising stage obtain industrial land, they can effectively alleviate the dilemma they face in terms of land and help companies achieve higher-quality growth. For the overall welfare of the society, the reallocation of land from low-efficiency enterprises to high-efficiency enterprises will undoubtedly improve land use efficiency and land output. This result means that the secondary market circulation of industrial land has achieved a more efficient allocation of land, which is conducive to the improvement of the efficiency of industrial land.
Accordingly, the policy implications drawn from this paper are that the government should further improve the secondary market for industrial land to improve the efficiency of land resource allocation and enable high-quality development. At the same time, in the process of improving the secondary market for industrial land, the government should play an active role. First, the government should enact laws and regulations on the secondary market of land at the national level as soon as possible so that land traders and regulatory agencies have laws to follow. Second, it is also necessary for the government to speed up the construction of a land transaction and supervision platform and collect information on the intention of transferring and accepting land from enterprises, which could effectively solve the problems of information asymmetry and moral hazard between both parties in land transactions.
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Published: 28 June 2023
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