中文摘要：

中国城镇化高速时代接近尾声,但土地资本化仍将是长期存在的社会现象。本文利用中国2004-2013年282个地级及以上城市的面板数据,实证检验了土地资本化的就业效应。研究结果表明,地方政府主导的土地资本化对就业产生了负面影响,两者之间存在正U形关系;土地资本通过房价、产业结构和公共服务等渠道影响就业,其中,通过房价的过快上涨和制造业的产业结构刚性抑制就业增加,而公共服务的改善则对就业增加产生促进作用。进一步分析发现,土地资本化对不同产业的就业存在异质性影响,促进了制造业就业规模的扩张,但对服务业就业的影响则不显著。此外,土地资本化对就业的影响存在显著的区域差异,对东部地区就业产生负面作用,对中西部地区就业产生促进作用,对东北地区就业的影响则不显著。

英文摘要：

The rapid urbanization period drew to close in China, but the land capitalization will continue to a long-standing social phenomenon. Based on the 2004-2013 panel data of 282 Chinese cities, the article analyzes the effect of land capitalization on employment, the results shows that the local government dominated land capitalization has a negative impact on employment. There is U shape relationship between the capitalization and employment. By housing prices, such as industrial structure adjustment and the public service channels, the land capitalization can influence employment, among, which housing prices rise too fast and the industrial structure in manufacturing rigid inhibit increase employment. And the improvement of the public service has promoted increasing of the employment. Further analysis found that the influence of land capitalization on different industry employment is not the same, and itpromotes the expansion of the size of the manufacturing jobs, but it has no significant impact on employment in service industry.Land capitalization has significant regional differences impact on employment and a negative influence on the eastern region employment, and then it promotes employment of the Midwest, but has no significant impact on employment in the northeast China.