中文摘要：

在土地财政发展模式下,考察土地要素过度资本化对地区差距的影响。研究结果发现,土地要素资本化差异会影响地区差距,其核心机制在于＂融资效应＂和＂空间效应＂。土地要素资本化差异的＂融资效应＂表现为,区域间通过土地贴现获得经济发展资金的差异,进而加剧地区差距。土地要素资本化差异的＂空间效应＂表现为,区域间土地要素资本化差异引起产业空间分布结构的变化,进而引致地区差距的变动。经验研究表明：区域间土地要素资本化差异会扩大地区差距,其关键在于区域间的＂融资效应＂差异。因此,要想抑制地区差距进一步扩大,首要的是改变过去的土地财政发展模式,抑制区域间土地要素资本化差异。

英文摘要：

This paper examines how land capitalization affects regional disparity. The difference of land capitalization will enlarge the regional gap through ＂finance effect＂ and＂space effect＂. Firstly, the difference of land capitalization will affect the Financing ability, which will affect the regional gap. Secondly, the difference of land capitalization will affect the location and relocation of manufacturing and service industry, and so the scale and structure of co-agglomeration, which will also affect the regional gap. Empirical evidence shows that the regional gap will be significantly enlarged as the expansion of land price differences between the Core - periphery cities, in which the finance effect is dominated reason. A direct policy implication of this study is that, in order to narrow the regional disparity, the authority should primarily change the development model through land finance and restrain the gap of land capitalization between regions.