地方政府债务、房地产市场与基本公共服务  

Local Government Debt,Real Estate Market and Basic Public Service

作　　者：乔宝云 杨开宇 Qiao Baoyun;Yang Kaiyu

机构地区：[1]中央财经大学中国公共财政与政策研究院

出　　处：《财政研究》2022年第9期120-128,F0003,共10页Public Finance Research

基　　金：财政部政府债务研究和评估中心项目“地方政府专项债券风险控制规则研究”(023276119101);中央财经大学一流学科建设项目“中国特色‘准财政政策’——中央投资的相关研究”(023259919001)。

摘　　要：房地产市场在我国经济发展和民生改善中具有重要地位,促进我国房地产市场健康发展具有重要意义。本文通过理论和实证研究了地方政府债务和房地产市场之间的关系。研究发现:第一,地方政府债务规模与房地产销售规模之间存在显著正相关关系。第二,基本公共服务在地方政府债务规模和房地产市场规模之间存在显著的中介效应。第三,异质性检验表明,在基本公共服务水平更高和地方一般公共预算收入更高的地区,该效应更突出。本文的研究结论对我国地方政府运用债务资金,改善基本公共服务,促进房地产市场发展提供了政策依据。The real estate market plays an important role in China’s economic development and improvement of people’s livelihood.The local government debt is of great significance to the development of China’s real estate market.This paper studies the relationship between the size of local government debt and the size of the real estate market through theoretical and empirical research.The research finds that:first,there is a positive correlation between the scale of local government debt and the scale of real estate sales.The larger the scale of local government debt,the larger the scale of real estate sales.Second,basic public services have a significant intermediary effect.Local government debt has a positive impact on the improvement of basic public services,and the improvement of basic public services has a positive impact on the scale of the real estate market.Third,in areas with higher basic public services and higher public revenue,the effect is more prominent.The conclusion of this paper provides a policy basis for local governments to use debt funds,improve basic public services and promote the development of the real estate market.

关 键 词：地方政府债务 房地产市场 基本公共服务 

分 类 号：F810.5[经济管理—财政学]