CAJ | 학술논문

政府投资是地方政府塑造土地开发行为模式的基础，它对企业绩效具有正负两种影响路径，在切除基础设施的传导路径后，政府投资对工业企业绩效具有明显制约作用，尤其对融资需求较大的工业企业制约效应更强。通过分层线性回归模型和面板分位数回归模型研究发现，地方政府土地开发行为显著制约企业绩效的提升。地方政府土地开发行为对经营效益好的工业企业负面效应失于经营效益差的企业，对沿海地区、非国有企业或资本、技术密集型的企业绩效制约作用大于非同类工业企业。鉴于土地依赖型经济增长的潜在风险不断累积，扭转地方政府土地开发行为模式已经刻不容缓。
정부투자시지방정부소조토지개발행위모식적기출，타대기업적효구유정부량충영향로경，재절제기출설시적전도로경후，정부투자대공업기업적효구유명현제약작용，우기대융자수구교대적공업기업제약효응경강。통과분층선성회귀모형화면판분위수회귀모형연구발현，지방정부토지개발행위현저제약기업적효적제승。지방정부토지개발행위대경영효익호적공업기업부면효응실우경영효익차적기업，대연해지구、비국유기업혹자본、기술밀집형적기업적효제약작용대우비동류공업기업。감우토지의뢰형경제증장적잠재풍험불단루적，뉴전지방정부토지개발행위모식이경각불용완。
Local governments＇ behavior of land development weakens the sustainable development abilities. Based on the Hierarchical Model and Quandle Regression Model, the behavior of land development significantly restricts finns＇ performance. Moreover, the behavior does harm the firms of good performance more than the bad firms; it has more negative influence on coastal enterprises, non state- owned enterprises and technology- in- tensive enterprise than counterparts. Local governmental investment builds the pattern of land development which has positive and negative two kinds of effects. Apart from the effect of infrastructure construction, Finn perfor- mance is restricted by gavemment investment which has more negative effect on finns with the worst and the best performance. In consideration of land - dependent economic growth accumulates more and more potential risks, it is urgent to reverse the behavioral pattern of land development.