地方债务水平如何影响企业区位选择?——基于企业创新与政府信用双重视角分析  

How Does Local Government Debt Impact the Location Choices of Industrial Enterprises:An Analysis Based on the Dual Perspectives of Enterprise Innovation and Government Credit

作　　者：黄志基[1] 许琪 贺灿飞[2] HUANG Zhi-ji;XU Qi;HE Can-fei

机构地区：[1]中央财经大学政府管理学院 [2]北京大学城市与环境学院

出　　处：《中央财经大学学报》2024年第4期18-30,65,共14页Journal of Central University of Finance & Economics

基　　金：国家自然科学基金面上项目“碳达峰目标下城市工业用地配置优化:理论机制与政策仿真”(项目编号:72274229);国家自然科学基金面上项目“产业关联性、经济复杂度与区域产业发展路径创造”(项目编号:42171169);中央财经大学第六批青年科研创新团队课题“‘双碳目标’下政策组合对企业绿色技术创新的影响机制研究”(项目编号:2021—116)。

摘　　要：地方债务水平不仅关系地方政府财政健康,同时也影响企业投资决策。基于企业创新与政府信用双重视角,使用中国284个地级市2013—2022年面板数据,运用面板回归模型和中介效应模型识别了地方债务水平对企业区位选择的影响及其作用机制。结果表明:地方债务水平对企业区位选择具有显著负向影响,且这一影响具有一定的滞后性;企业创新和政府信用在该影响机制中均发挥了部分中介作用;对不同地区、不同财政自给率水平的城市以及不同类型债务结构来说,地方债务水平对企业区位选择具有显著的异质性影响。以上结果在进行调整解释变量、变更被解释变量的衡量标准、门槛效应检验等一系列检验后保持稳健。笔者据此提出转变城市发展思维,构建新型政府与企业关系等政策建议。The level of local government debt is not only related to the healthy development of local government finances,but also affects corporate investment decisions.Focusing on the dual perspectives of corporate innovation and government credit,and based on the panel data of 284 prefecture-level cities in China from 2013 to 2022,this study used the panel regression model and the mediation effect model to identify the impact of local government debt levels on the location selection of industrial enterprises and explore the specific mediation mechanism.The results showed that:(1)the level of local government debt has a significant negative impact on the location choice of industrial enterprises and has a certain lagging effect;(2)the level of enterprise innovation and government credit both play a partial intermediary role in the impact mechanism;(3)for cities in different regions and with different levels of fiscal self-sufficiency or different types of debt structures,the level of local government debt has a significant heterogeneous impact on the location choices of industrial enterprises.The above results remain robust after a series of robustness tests such as adjusting the explanatory variables,changing the measurement standards of the explained variables,and testing the threshold effect.Correspondingly,the following policy suggestions are put forward:change the mindset of urban development and build a new relationship between the government and enterprises and so on.

关 键 词：地方政府债务 工业企业区位 企业创新 政府信用 可持续发展 

分 类 号：F429.9[经济管理—产业经济] F812.7