地方政府专项债的稳投资效应研究——基于中国上市公司的分析  

Research on the Maintaining Stable Investment Effect of Local Government Special Debt——Based on the Analysis of Chinese Listed Companies

作　　者：江涛 Jiang Tao(School of Finance,Dongbei University of Finance and Economics,Dalian 116025,China)

机构地区：[1]东北财经大学金融学院,大连116025

出　　处：《工业技术经济》2025年第3期130-140,共11页Journal of Industrial Technology and Economy

摘　　要：专项债作为近年来重要的财政工具,成为地方政府补充财力的重要抓手。本文基于2015~2023年地级市上市公司面板数据,实证检验了地方政府专项债对本地企业投资的影响。研究结果表明,地方政府专项债确实发挥了稳投资的作用。机制检验发现,专项债提升企业投资水平的主要途径为提高企业生产效率,促进企业研发投入以及提升企业融资能力。异质性分析表明地方政府专项债对企业投资的带动效应在国有产权、融资约束高、基建相关行业的企业中更为显著。对于东部地区和隐性债务存量较低的地区,地方政府专项债对企业投资促进效应更强。本文的研究对完善地方政府债务管理体制具有一定借鉴意义。As an important financial tool in recent years,special debt has become an important starting point for local go-vernments to supplement their financial resources.Based on the panel data of listed companies in prefecture-level cities from 2015 to 2023,this paper empirically tests the impact of local government special debt on local enterprise investment.The research results show that local government special bonds do drive corporate investment.The mechanism test finds that the main ways for special bonds to improve the investment level of enterprises are to improve the production efficiency of enterprises,promote the R&D in-vestment of enterprises and enhance the financing ability of enterprises.Heterogeneity analysis shows that the driving effect of local government special bonds on corporate investment is more significant in enterprises with state-owned property rights,high financing constraints,and infrastructure-related industries.For the eastern region and the region with higher implicit debt stock,local go-vernment special debt has a stronger effect on corporate investment promotion.The research of this paper has certain reference significance for improving the local government debt management system.

关 键 词：专项债 地方政府债务 企业投资 生产效率 研发投入 融资能力 固定效应模型 基础设施建设 

分 类 号：F812.5[经济管理—财政学] F275