Does the Land Market Have an Impact on Green Total Factor Productivity? A Case Study on China

The influence process of the land market on urban green total factor productivity (GTFP) is characterized by complexity and region. Based on the panel data of 271 cities in China from 2004 to 2016, this paper analyzes the impact of the land market on urban GTFP and explores the regulatory effect of the innovation investment level and the infrastructure investment level on the land market. The following conclusions are drawn: First, the land market restrains the improvement of urban GTFP, whether analyzed from the dimension of land transfer price or land transfer scale, and the influence degree varies in different dimensions. Second, there is regional heterogeneity in the inhibition effect of the land market on urban GTFP. Third, the level of innovation investment and the level of infrastructure investment have significantly different regulatory effects on the impact of the land market on urban GTFP; the level of innovation investment aggravates the inhibition effect of urban GTFP by the land market, while the infrastructure investment level weakens this inhibition effect.