中文摘要：

不同于既有研究仅强调财政分权和经济绩效分别是“土地财政”产生原因和影响结果，本文在第一代面板单位根IPS检验、Hadri—LM检验、FisherADF检验和第二代面板单位根Pesaran—CIPS检验基础上，使用19982012年省际面板数据和PooledOLS方法、FEOLS方法、SYS－GMM方法重新考察了“土地财政”的扩张原因和对社会福利的影响。实证结果表明：（1）“土地财政”除了受同质性中央财税制度的影响，还受到人力资本、人口规模、产业结构和技术水平等异质性地方非制度因素的影响；（2）“土地财政”不是既有研究断定的“绝对攫取”，实质上是一种“名义攫取”，短期内对提高社会福利水平具有一定益处。本文发现“土地财政”在扩张原因和影响结果上均被误解了，在“后土地财政时代”，应将“土地财政”的收入视角从“卖地赚钱”转向“以地生财”，政策视角从“资本积累”转向“信用融资”，经营模式从“土地收入”转向“土地基金”，从而有效解决地方财政增长乏力和新型城市化过程的财政收支缺口问题。

英文摘要：

Unlike existing studies only emphasize the causes and impacts of land finance respectively from fiscal decentralization and economic performance, based on the first-generation panel and second-gen- eration panel unit root test, this paper analyzes the expansion and impacts of land finance, using 1998-- 2012 provincial panel data and pooled OLS, FE OLS, SYS-GMM. The results show： firstly, land finance not only affected by the homogeneity of the central taxation system, but also by heterogeneity of local non- institutional factors, like as human capital, population size, industrial structure and technological develop- ment; secondly, land finance is not exist ＂absolute grab＂, it is essentially ＂nominal grab＂ and has some benefits in short-term. This paper finds that land finance is misunderstood in causes and consequences. In post-era of land finance, we must change the perspective of income from ＂sell for money＂ to ＂make money by itself＂, change the perspective of from ＂capital accumulation＂ to ＂credit financing＂, change the business model from the ＂capital accumulation＂ to ＂land fund＂, to resolve the slow growth of local government＇s fi- nance and to make up payments gap for promoting new city.