Unlocking Natural Capital Through Land Tenure Reform and Spatial Reconfiguration: Evidence from the “Spatial-First” Mode in Nanhai, China

Efficiently converting natural capital into economic assets is a critical challenge in urban–rural transformation, yet the interactive mechanism between institutional land reform and physical spatial restructuring remains underexplored. While traditional frameworks emphasize institutional design, this study identifies a “Spatial-First” mechanism where physical reconfiguration serves as a spatial mediator to catalyze property rights breakthroughs. Using an entropy-weighted coupling coordination model, we analyzed policy dynamics in Nanhai District, China, a unique “dual-pilot” zone, from 2020 to 2024. The results indicate a nonlinear leap in the Coupling Coordination Degree (D) from 0.100 to 0.978. We interpret this surge as a policy-driven shock during the intensive pilot phase, where substantive spatial integration (0.719) effectively bypassed high transaction costs inherent in collective tenure, outpacing institutional progress (0.281). However, an Ecological Lag was observed; the disproportionately low weighting of the ecological carrier index (7.09%) suggests that current gains are primarily driven by green industrialization rather than the expansion of absolute ecological stock. This study concludes that while spatial tools can effectively unlock natural capital value in the short term, long-term sustainability necessitates a strategic shift from administrative-led economic efficiency to market-based ecological restoration.