过犹不及：土地资源资本化与实体经济发展.

In the context of economic transformation, it is of great theoretical and practical significance to explore the impact of land capitalization on real economic growth. Different from the homogenized understanding of land capitalization, this paper proposes that case of land capitalization can be divided into moderate and excessive ones. Following this view, this paper first theoretically analyzes the impact of different degrees of land capitalization on the real economy, then makes an empirical study based on the micro data of Chinese industrial enterprises, and finally analyzes the current risks and reasons of excessive land capitalization in China. The results show that the degree of land capitalization and the real economy present an inverted U‑shaped relationship. Excessive capitalization exceeding the limit will promote the rise of total factor costs, thereby inhibiting the growth of the real economy. Judging from the inverted U-shaped turning point estimated by empirical data, the current urban economy is already facing a serious problem of excessive land capitalization in China, which may harm the real economy and affect the growth prospects of the Chinese economy. Further analysis shows that Chinese‑style decentralization may be the institutional reason for the excessive deepening of land capitalization. This paper provides important policy implications: Land capitalization is a double‑edged sword, and the key to gaining benefits and avoiding harm is to control the degree of capitalization. China must carry out the coordinated reform of performance appraisal, land market and land tax system to correct excessive land capitalization. In order to achieve high‑quality development and the transformation and upgrading of the real economy, China should take the initiative to change the support mode of land capitalization, reform the expenditure structure of land capital gains, and increase the expenditure on new infrastructure, science and education, and people's livelihood. [ABSTRACT FROM AUTHOR]