开发区债务增长的机理研究——基于开发区边界的精准识别  

Research on Debt Growth of Development Zones:Based on Accurate Identification of Development Zone Boundaries

作　　者：毛捷[1] 柏金春 Mao Jie;Bai Jinchun(School of International Trade and Economics,University of International Business and Economics)

机构地区：[1]对外经济贸易大学国际经济贸易学院

出　　处：《管理世界》2024年第9期136-153,共18页Journal of Management World

基　　金：国家社会科学基金项目“中国地方政府债务治理研究:理论框架和政策路径”(23VRC045)的资助。

摘　　要：开发区建设和创新发展在推动经济高质量发展中发挥了重要作用。然而,开发区债务持续增长已成为影响开发区可持续发展的一个突出问题。科学认识和管控开发区债务风险的关键在于厘清开发区融资平台债务增长的内在机理。党的二十届三中全会对融资平台改革转型和深化开发区管理制度改革做了重要部署。本文改进了国家级开发区的边界识别方法,以此为基础精准识别开发区内的融资平台及其债务,并利用开发区升格作为开发区建设发展的外生冲击,实证分析开发区融资平台债务增长的具体机制。研究发现,开发区建设发展过程中融资平台债务会显著增长。机制分析表明,一方面,产业转型升级和公共服务设施完善的需求增加是导致开发区融资平台增加举债的重要原因,有助于更好支持国家级开发区发挥综合发展功效;另一方面,隐性担保主体变换和土地资产支持也是导致开发区融资平台债务增长的重要作用机制,加重了开发区债务风险。以上发现有助于理解开发区融资平台债务增长的机理、功效和风险隐患,为防范化解开发区债务风险、完善开发区管理制度进而统筹开发区高质量发展和高水平安全提供了有益参考。The construction and innovation of development zones have played a significant role in promoting high-quality economic development.However,the continued growth of debt in development zones has become a prominent issue affecting the sustainable and stable development.The key to scientifically understanding and managing the risk of debt in development zones lies in clarifying the underlying mechanisms of debt growth in these zones'local government financing vehicles(LGFVs).The Third Plenary Session of the 2Oth Central Committee of the Communist Party of China made important deployments for reform and transformation of LGFVs,and deepening management system reform in development zones.This paper improves the method of identifying the boundaries of national-level development zones,and based on this method,we then accurately identify the LGFVs and their debts within those zones.We use the policy impact of upgrading the development zones as an exogenous shock for the development and construction of the development zones to empirically analyze the specific mechanism of the debt growth of LCFVs in these zones.We find that the debt of LCFVs in development zones will significantly increase during the process of development and construction.The mechanism analysis shows that,on the one hand,the increasing demand for industrial upgrading and the improvement of public service facilities are important reasons for the increase in debt of development zones'LGFVs,which helps to better support the comprehensive development effectiveness of national-level development zones.On the other hand,the change of the implicit guarantee subjects and the support of land assets also play important roles in the debt growth of LGFVs in development zones,increase their debt risks.These findings contribute to understanding the mechanism,effectiveness,and risks of the debt growth of LGFVs in development zones,and provide useful reference for preventing and resolving debt risks,improving the management system of development zones,and promoting the coo

关 键 词：开发区 融资平台 产业转型升级 公共服务设施 隐性担保 

分 类 号：F812.5[经济管理—财政学]