地方政府债务治理与战略性新兴产业创新绩效  

Local Government Debt Governance and Innovation Performance in Strategic Emerging Industries

作　　者：陈文俊 韩冰 彭有为 CHEN Wen-jun;HAN Bing;PENG You-wei

机构地区：[1]湛江科技学院 [2]中南林业科技大学经济学院

出　　处：《科学决策》2025年第3期137-155,共19页Scientific Decision Making

基　　金：教育部人文社会科学基金项目(23YJC790102);国家社会科学基金项目(22BJL121)。

摘　　要：研究以2009-2019年沪深两市战略性新兴产业上市公司为研究样本,通过构建强度双重差分模型,利用地方政府债务管理体制改革作为准自然实验,系统考察债务治理政策对产业创新绩效的影响机制及其区域异质性。研究发现:(1)债务治理政策显著提升战略性新兴产业创新绩效,该效应在替换核心变量、排除不同政策干扰以及变换计量方法保持稳健;(2)机制分析显示政策通过缓解企业融资约束、增加研发投入强度及优化区域营商环境三条路径传导;(3)异质性效应表明政策效果在西部地区、高融资需求企业及高行政级别城市尤为显著。研究结论为债务治理与产业创新的动态关系提供了微观证据,揭示了财政体制改革影响技术创新的非线性特征,为协调防范金融风险与培育新质生产力的政策设计提供了计量支撑。This study examines the impact mechanisms and spatial heterogeneity of debt governance policies on industrial innovation performance by constructing a staggered difference-in-differences(DID)model,utilizing the reform of local government debt management systems as a quasi-natural experiment.The analysis is based on panel data from strategic emerging industry listed companies in Shanghai and Shenzhen stock markets between 2009 and 2019.The findings reveal that:(1)Debt governance policies significantly enhance the innovation performance of strategic emerging industries,with results remaining robust across parallel trend tests,placebo tests,and instrumental variable approaches;(2)Mechanism analysis identifies three transmission channels:alleviating corporate financing constraints,increasing R&D investment intensity,and optimizing regional business environments;(3)Heterogeneity analysis demonstrates amplified policy effects in Western China,high-financingdemand enterprises,and cities with higher administrative levels.The conclusions provide micro-level evidence for the dynamic interplay between debt governance and industrial innovation,uncover non-linear transmission mechanisms through which fiscal system reforms influence technological innovation,and offer an empirical foundation for designing policies that balance financial risk prevention with the cultivation of new quality productive forces.

关 键 词：地方政府债务治理 战略性新兴产业 创新绩效 新质生产力 

分 类 号：F812.7[经济管理—财政学] F83