In this paper we analyse the causes of land finance and re -in qh~e long -run equilibrium relationship among land finance and budgetary revenue, economic growth, urbanization, by using the relevant annual data from 1995 to 2009, based on the unit root test and the co - integration test. The evidence shows that financial pressures and profit -driven behaviors promote local government to land finance,which coald endanger the sustainability of urbanization in China. In order to put an end to land financial phenomenon, we should deepen fiscal and tax reforms, improve the land allocation mechanism,and change the performance evaluation to regulate local government behaviors,so as to promote economic development and social harmony.%通过剖析导致“土地财政”产生的原因，利用新疆1995--2009年的相关数据，通过单位根检验和协整检验，建立时间序列模型，对土地财政与一般预算收入、经济增长率、城市化率之间的长期均衡关系进行实证分析。研究结果表明：地方政府面临的财政压力和逐利行为是促进地方政府向土地财政“伸手”的动力，土地财政的最大风险是危及中国的城市可持续发展。因此，须深化财税体制改革，完善土地分配机制，转换政绩考核标尺来规范地方政府行为，促进地方经济和社会的和谐发展，这样才能杜绝土地财政现象。
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