【摘要】 随着我国宏观杠杆率突破经验临界阈值，叠加人口与资源硬约束，传统的土地信用扩张动能衰减，城市建设迈入以债务约束和存量优化为特征的后“土地金融”时代。与此相对应，空间作为“抵押品”范式日渐式微。有鉴于此，本文引入后凯恩斯主义的内生货币理论与“相位转换”视角，构建“空间—债务”相位转换模型，论证空间运作逻辑亟须从被动“抵押品”向主动平抑周期的“调节器”范式转变；提出应摒弃“土地金融决定论”，确立空间作为要素配置载体与政策传导通道的定位，构建“产业—金融—空间”协同治理框架。在应用层面，则初步探讨了“总规—详规—实施”的分层规划创新思路。更多还原

【Abstract】 As China’s macro leverage ratio surpasses empirical critical thresholds,compounded by rigid constraints on population and resources,the traditional momentum of landbased credit expansion is declining.Urban development has thus entered a post-land finance era characterized by debt constraints and the optimization of existing stock.Correspondingly,in this context,the previous paradigm of space as a “collateral” is gradually losing efficacy.In view of this,this paper draws on the endogenous money theory of postKeynesianism and a phase transition perspective to construct a space–debt phase transition model,demonstrating the urgent need to shift the logic of space operation from a passive “collateral” to an active “regulator” that mitigates economic cycles.The paper argues for moving beyond the determinism of land finance and repositioning space as both a carrier for factor allocation and a channel for policy transmission,thereby establishing a coordinated governance framework of industry,finance,and space.At the practical level,it preliminarily explores hierarchical planning innovations spanning master planning,detailed planning,and implementation.更多还原