中文摘要：

本文从理论和实证两个方面，探讨工业用地价格扭曲对于不同所有制属性和行业属性企业过度投资行为的影响。研究发现：工业用地价格扭曲对于企业过度投资具有显著推动作用．这种推动作用对于不同所有制属性和行业属性企业存在差异．工业用地价格扭曲对于外资企业过度投资的推动作用最为显著，民营企业次之．而对国有企业过度投资的推动作用最弱。由于国有企业的外部融资约束较弱．其过度投资并不受到地方政府土地优惠政策的显著影响．导致工业用地价格扭曲对于国有重工业企业和国有轻工业企业过度投资均不显著。与民营轻工业企业相比．工业用地价格扭曲对于民营重工业企业过度投资有更为显著的影响，主要是因为重工业投资大、产出高、迁移性差而更容易受到地方政府土地优惠政策的偏好。工业用地价格扭曲对于外资重工业企业和外资轻工业企业的影响程度相同．主要是由于两者都是地方政府竞相争取引入的对象．地方政府土地优惠政策对两者的偏好程度相同。

英文摘要：

This paper analyzes the effects of the price distortion of industrial land on the enterprises＇ over- investment, and compares the difference by ownership and industry. The results show that the price distortion of industrial land indeed plays a significant role in the enterprises＇ over-investment, which particularly for the foreign-funded enterprises and the least significant for the state-owned enterprises（SOEs）. In addition, due to weak external financing constraint, SOEs＇ over-investment will not be significantly affected by the local government preferential policies, thereby the price distortion of industrial land has no significant promotion effects both on heavy and light industry for SOEs. However, compared to private light industry enterprises, price distortion of industrial land has more significant promotion effects on private heavy industry enterprises, which may be the results of the local government＇s preference on heavy industry by its characteristics of large investment, high output and poor mobility. Moreover, the effects of the price distortion of industrial land on foreign-funded enterprises are almost the same for heavy and light industry because of the same preference by the local government as both of them are the objects the local governments compete to introduce in.