地方政府偿债压力、企业异地投资与资本要素市场一体化  

Local Government Debt Repayment Pressure,Corporate Trans-Regional Investment and Capital Factor Market Integration

作　　者：陈俊华[1] 刘娜 吴莹[2] CHEN Jun-hua;LIU Na;WU Ying(School of Management Science and Engineering,Central University of Finance and Economics;National Institute of Social Development,Chinese Academy of Social Sciences)

机构地区：[1]中央财经大学管理科学与工程学院 [2]中国社会科学院社会发展战略研究院

出　　处：《中国工业经济》2024年第7期162-180,共19页China Industrial Economics

基　　金：国家自然科学基金面上项目“中国城市住房不平等现象研究:成因机理、影响效应与政策应对”(批准号72074237);国家社会科学基金一般项目“中国式现代化进程中的基层社会治理挑战与建设路径研究”(批准号23BSH010)。

摘　　要：实现以资本要素畅通流动为特征的资本要素市场一体化是提高全社会资源配置效率、充分发挥超大规模市场效能的必由之路。结合地方政府债务密集到期与企业异地投资受限的现实背景,本文构建政企间博弈模型,分析了地方政府偿债压力对资本要素市场一体化的作用机理,并基于2005—2022年城市—企业层面数据进行实证考察。研究发现,地方政府偿债压力加大会降低本地企业异地投资比例,同时促进企业同地投资比例明显上升,双重效应叠加构筑了国内资本要素跨地区流动的无形边界。机制分析表明,源于对税收、土地出让收入等可偿债财力的渴求,地方政府倾向于用政策激励那些利税性与土地出让收入贡献度高的企业将资本留存在本地。进一步研究发现,偿债压力不仅会驱动地方政府采取差异化税收征管与政府补贴等干预措施制约本地资本要素外流,还会通过增加本地投资环境不确定性与降低社会信用等渠道减少异地资本要素流入。本文基于企业异地投资视角,厘清了地方政府偿债压力与资本要素市场一体化之间的影响机理,为进一步规范地方政府债务管理机制与促进要素市场化统一配置提供了新的经验证据与政策参考。Achieving the capital factor market integration characterized by the smooth flow of capital factors is a key component of constructing a unified national market.Currently,with the rapid development of modern transportation and communication technologies in China,tangible barriers to the flow of capital factors related to natural geographic factors have gradually been eliminated,while intangible barriers caused by policy factors remain.What are the impacts and mechanisms of local government debt repayment pressure,as an important policy factor,on the integration of the capital factor market?Existing literature has not conducted in-depth research on this issue.This paper constructs a game model between the government and firms to explore the impact mechanism of local government debt repayment pressure on the capital factor market integration,and then conducts an empirical investigation based on the city-enterprise panel data from 2005 to 2022.The results show that the increasing debt repayment pressure has significantly hindered local corporate transregional investment,but promoted the increase in the proportion of local investment,creating an intangible boundary for the capital factor market integration.Mechanism testing shows that due to the desire for financial resources such as taxation and land transfer income,local governments expect enterprises with higher tax profits and land transfer income to retain capital locally,thus more strictly constraining the trans-regional investment of these enterprises.Further research shows that local government debt repayment pressure not only motivates local governments to take intervention measures but also inhibits the inflow of capital from other regions by increasing uncertainty in the investment environment and reducing social credit.Compared to existing literature,this paper may have the following marginal contributions.First,it further enriches research on factors influencing the integration of China's capital factor market.There are few studies on the relationship be

关 键 词：地方政府偿债压力 资本要素市场一体化 企业异地投资 资本要素跨地区流动 

分 类 号：F272[经济管理—企业管理]