关键词: 土地融资, 土地财政, PPP, 地方政府, 社会资本方, 银行信贷

Abstract: The investment return cycle of PPP project is long and the internal rate of return is relatively limited, but the local government of our country has successfully used the PPP mode to finance infrastructure construction.This paper finds that the land revenue of local governments is an important guarantee for the successful financing of PPP projects in both equity and bank credit.Subsequent empirical tests show that the scale of local government′s land revenue is positively correlated with the scale of local government′s investment in PPP, the scale of PPP′s investment in social capital, and the scale of bank′s credit to PPP projects, and after the local government uses the land resources to promote PPP financing, the fund raised by the local government invests more in the field of infrastructure construction.In addition, the above phenomena are more prominent in the central and western regions and in the year of non-official change.Local governments use land finance to promote PPP project financing, which actively promotes urban development, but at the same time, it also leads to the over-inclination of capital allocation structure to infrastructure and other construction areas, linking the risk of repayment of credit funds with the fluctuation of the real estate market, over-investment and duplication of construction during the term of office of local government officials, and so on.

Key words: land financing;land finance;PPP, local government, social capital side, bank credit