CAJ | 학술논문

我国的城市化进程伴随着经济的快速增长，并在一定程度上推动了地方经济的发展。我国地方政府的土地融资源于分税制改革以后的财政收支不平衡，地方政府通过直接出让、债务等方式以土地作为媒介进行融资。土地融资推进了城市基础建设，也促进了地方经济发展和金融市场繁荣；但由于缺乏监管，现行的土地融资模式有不可持续性的特点。因此必须规范土地融资行为，加强风险监管，同时，拓宽政府融资渠道，促进融资行为市场化。
아국적성시화진정반수착경제적쾌속증장，병재일정정도상추동료지방경제적발전。아국지방정부적토지융자원우분세제개혁이후적재정수지불평형，지방정부통과직접출양、채무등방식이토지작위매개진행융자。토지융자추진료성시기출건설，야촉진료지방경제발전화금융시장번영；단유우결핍감관，현행적토지융자모식유불가지속성적특점。인차필수규범토지융자행위，가강풍험감관，동시，탁관정부융자거도，촉진융자행위시장화。
With the rapid economic growth, China has been involved in urbanization. At the same time, urbanization promotes economic growth more or less. Land ifnancing of local government formed after the tax reform, which led to the unbalance of government ifnance. Land ifnancing promotes city infrastructure, local economic development, and financial market; but, due to lack of regulations, the current land ifnancing mode is unsustainable. Therefore, we should regulate the land ifnancing behavior, strengthen risk management, broaden government ifnancing channels and make ifnancing behavior marketable.