关键词: 土地市场化, 融资约束, 抵押价值, 民营企业

Abstract: The financing difficulty of enterprises has always been the focus of attention and discussion from all walks of life.However,there has not been any research on the impact of the special land marketization system reform on financing constraints on enterprises in China.By making use of the survey data of Chinese enterprises obtained by the World Bank in 2012 and from the perspective of the impact of land marketization system reform on the mortgage value of land and its appendages,this paper investigates the impact of land marketization on the enterprise financing constraints.The findings show that land marketization can significantly alleviate the enterprise financing constraints,and this conclusion is still valid after overcoming a series of robustness tests such as the potential endogenous problems.In terms of urban characteristics,land marketization plays a more significant role in alleviating financing constraints on the enterprises with lower administrative level,narrower financial gap and located in eastern regions.In terms of enterprise characteristics,compared with state-owned enterprises,land marketization can better alleviate the financing constraints on private enterprises.In order to alleviate the financing constrains on the enterprises,it is necessary to improve the land marketization system continuously,improve the level of land marketization,improve the efficiency of land resource allocation,and give full play to land financing.

Key words: land marketization, financing constraints, mortgage value, private enterprises