农村集体经营性建设用地入市对地方政府土地出让行为的影响

To establish a unified urban-rural construction land market, safeguard farmers’ land rights, and increase their property income, and to thoroughly implement the spirit of the Third Plenary Session of the 18th Central Committee regarding landreform, China launched the three rural land system reform pilots in 2015. Rural collective operating construction land marketizationis an important component of this reform. Rural collective operating construction land marketization empowers farmers to havemore adequate property rights, breaks local governments’ monopoly as the sole supplier of land, restricts the revenue local governments obtain from land transfers, and changes the original revenue-sharing mechanism between the government and rural collectives. Although there are extensive studies discussing the land transfer behaviors local governments may adopt to maximizetheir interests during the land transfer process, the discussion on local governments’ land transfer behaviors after the diversificationofland suppliersisinsufficient. From the perspective of local government behavior, this paper investigates the changes in local governments’ strategic landsupply behaviors and their underlying logic under the implementation of the pilot policy in 2015. Theoretically, this paper reveals the transmission mechanism driving changes in local governments’ land supply behavior under the goal of fiscal sustainability, providing a logical framework for understanding the impact of the pilot policy on local governments. Empirically, using thePSM-DID method, this paper finds that rural collective operating construction land marketization may have a negative impact onlocal governments’ fiscal revenue. To ensure the stability of land fiscal revenue, the pilot area government will reduce the landsupply area and raise the land unit price. This effect is more pronounced for commercial and residential land, higher-grade land, andregions under greaterfiscal pressure. Furthermore, this paper discusses the impact of the behavior of local governments on the reform achievements related tofarmers’ property rights and proposes corresponding countermeasures. Future efforts to deepen land reform must acknowledge adaptive responses and heterogeneity of local governments, strike a balance between safeguarding farmers’ property rights andstabilizing local government fiscal revenue, unify policy objectives with practical outcomes, and advance the integration of urbanand rural land markets.