融资平台债务与环境污染治理  

Local Government Financing Vehicle Debt and Environmental Pollution Control

作　　者：毛捷[1] 郭玉清[2] 曹婧 徐军伟 Mao Jie;Guo Yuqing;Cao Jing;Xu Junwei(School of International Trade and Economics, University of International Business and Economics;Economic Behavior and Policy Simulation Laboratory, Nankai University;Institute of Finance and Banking, Chinese Academy of Social Sciences;School of Finance and Taxation, Capital University of Economics and Business)

机构地区：[1]对外经济贸易大学国际经济贸易学院 [2]南开大学经济行为与政策模拟实验室 [3]中国社会科学院金融研究所 [4]首都经济贸易大学财税学院

出　　处：《管理世界》2022年第10期96-109,共14页Journal of Management World

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”(基金号:18ZDA097)的资助。

摘　　要：完善地方治理体系、统筹风险防控和生态安全是推动经济高质量发展的重要着力点。本文将企业排污数据与地级市融资平台债务数据进行匹配,实证检验地方政府借助融资平台举债对辖区内企业排污的影响及其传导途径。研究发现:一方面,融资平台债务(主要是非绿色债务)通过土地引资竞争导致企业污染排放增加,尤其当环境规制约束较弱或经济发展压力较大时,融资平台债务容易引发低质量的土地引资竞争,对企业排污的刺激效应更明显;另一方面,融资平台发行的绿色城投债能抑制企业排污,有助于发挥债务风险和环境污染统筹治理的协同效应。本文研究结论为地方政府隐性债务风险和环境污染的协同治理、切实推动地方政府提升治理能力和治理绩效提供了参考。Improving local governance system,coordinating risk prevention and ecological security are key points to promote high-quality economic development.Based on two datasets of prefecture-level LGFV (local government financing vehicle) debt and firm-level pollution emission data,this paper empirically tests the impact of LGFV debt on enterprise pollution emission and its transmission mechanism.We find that LGFV debt (mainly non-green debt) increases enterprise pollution emission through land investment competition.Especially when the environmental regulation is weaker or the pressure of economic development is heavier,LGFV debt tends to trigger low-quality land investment competition and stimulates enterprises to increase pollution emission.However,green municipal investment bond issued by LGFV can reduce pollution emission,which provides a feasible path for jointly promoting debt risk resolution and strengthening pollution prevention.These conclusions provide enlightenment for collaborative governance of local government implicit debt risk and environmental pollution,and effective improvement of local governance capacity and performance.

关 键 词：协同治理 融资平台债务 企业排污 土地引资竞争 绿色城投债 

分 类 号：F812.5[经济管理—财政学] X322[环境科学与工程—环境工程]