本文以中国大陆31个省级政府2003-2011年间的面板数据，采用两阶段最小二乘法检验了土地财政对区域创新的影响。研究发现土地财政与区域创新之间具有显著的倒U型曲线关系，即土地财政的正外部性呈现边际递减而负外部性逐渐显现，对区域创新呈现出一种先促进、后抑制的作用。分析表明，该现象的根源在于地方政府在较强资源约束和目标压力下以及企业在创新风险和短期收益之间的理性选择。本研究为进一步从制度层面深入研究区域创新的影响因素和理解中国当前国家战略和公共政策执行提供了新的视角，对于推进全面深化改革、加快推动新型城镇化和实施创新驱动发展战略具有启示意义。

 This paper investigates the effects of land financing on regional innovation by means of 2SLS regression analysis on the panel data from 31 provincial governments in China (2003-2011). The finding shows that there is a significant inverted U-curve relationship between land financing and regional innovation. It implies that the positive externality of land financing is decreasing while the negative externalities are emerging, so that land financing promotes regional innovation at the beginning but jeopardizes it in the end. These compound effects reflect the rational choices of local governments under strict resource constraints and strong and target pressures, and enterprises are also rational in pursuit of short-term profits and avoiding innovation risks. It highlights new perspectives for exploring the institutional antecedents of regional innovation and further understanding the cause-effect of policy implementation paradox in China, and it also provides implications for practitioners to promote comprehensive reforms, advance the new-type urbanization and implement innovation-led development strategy.