地方政府债务结构对企业创新影响的实证检验  

Empirical Test of the Influence of Local Government Debt Structure on Enterprise Innovation

作　　者：杨瑞桐 李婧溪 刘春志[1] 汤蕙[3] Yang Ruitong;Li Jingxi;Liu Chunzhi;Tang Hui(School of Finance,Zhongnan University of Economics and Law,Wuhan 430073,China;China Railway Shanghai Design Institute Group Corporation Limited,Shanghai 200070,China;School of Business,Jianghan University,Wuhan 430064,China)

机构地区：[1]中南财经政法大学金融学院,武汉430073 [2]中铁上海设计院集团有限公司,上海200070 [3]江汉大学商学院,武汉430064

出　　处：《统计与决策》2022年第23期138-143,共6页Statistics & Decision

基　　金：中南财经政法大学中央高校基本科研业务费专项资金资助项目(2722021AJ015)。

摘　　要：文章对地方政府多元化举债方式通过融资约束作用于企业创新这一命题进行逻辑论证,并加以实证检验。结果表明:显性债务和隐性债务均抑制企业创新,融资约束为其作用中介;房地产业发行城投债对于企业创新有抑制作用,但是基础设施行业发行城投债有助于企业创新。因此,要重视地方政府债务结构变化对企业创新的影响,以缓解企业融资约束为抓手,切实有效地保护企业的创新活动,助推经济高质量发展。This paper makes a logical demonstration of the effect of diversified local government debt on enterprise innovation through financing constraints, and also carries out an empirical test. The results show that both explicit debt and implicit debt inhibit enterprise innovation, with financing constraint to be its intermediary, that the issuance of urban investment bonds in real estate industry can inhibit enterprise innovation, but the issuance of urban investment bonds in infrastructure industry can promote enterprise innovation. Therefore, we should pay more attention to the impact of local government debt structure changes on enterprise innovation, ease corporate financing constraints as the first step, and effectively protect corporate innovation activities, so as to promote high-quality economic development.

关 键 词：地方政府债务结构 企业创新 显性债务 隐性债务 融资约束 

分 类 号：F812.7[经济管理—财政学]