行政主导型城镇化与地方融资平台债务:以撤县设区为观察视角  

Administrative-Led Urbanization and the Debt of Local Financing Platforms:From the Perspective of the City-County Mergers Reform

作　　者：刘潘 祁毓[1] 张兆强 Liu Pan;Qi Yu;Zhang Zhaoqiang

机构地区：[1]中南财经政法大学财政税务学院

出　　处：《财政研究》2022年第7期113-128,共16页Public Finance Research

基　　金：国家社会科学基金重大项目“新时代下地方政府债务风险的新特征与监管研究”(18ZDA097);中国人民大学科学研究基金“中国大规模减税的理论与效果研究”(20XNLG01)。

摘　　要：撤县设区是地方政府行政主导型城镇化的重要方式,在促进城镇化的同时可能也会带来未预料的风险。本文通过撤县设区的准自然实验,基于2006—2018年的地级市融资平台有息债务数据,分析了撤县设区这一行政主导型城镇化对地级市融资平台债务的影响。研究发现:撤县设区改革使得地级市债务融资能力提升,融资需求增加,对地级市融资平台债务规模有显著正向刺激作用;具体的作用机制包括土地金融效应和经济增长目标调整效应。异质性分析发现,撤县设区改革对非标债务的影响大于标准的城投债。本文的研究重新审视了行政主导型城镇化模式的效应,也为我国地级市融资平台债务增长提供了一个新的解释。The City-County Merger reform is an important method of the administrative-led urbanization model.While promoting urbanization,it may also lead to unexpected risks.Through the quasi-natural experiment of the City-County Merger reform,using the data of interest-bearing debt of local financing platforms of prefecture-level cities from 2006 to 2018,this paper analyzes the influence of the administrative-led urbanization on the debt of local financing platforms.It found that after the City-County Merger reform,the debt financing capacity of prefecture-level cities has enhanced,while financing demand has also increased.It has a significant positive stimulus effect on the debt scale of local financing platforms of prefecture-level cities;the mechanisms include land financing effects and economic growth target adjustment effects.At the same time,the City-County Merger reform has a heterogeneous effect on the debt scale.The impact on non-standard debt is greater than that of standard municipal investment bonds.The research in this article re-examined the effects of this administrative-led urbanization model in China and provided a new explanation for the growth of the local financing platforms’ debt.

关 键 词：撤县设区 融资平台债务 土地金融 经济目标调整 

分 类 号：F812.7[经济管理—财政学]