专项债券发行管理、城市基础设施投资与地方债务增长  

Special-purpose Bond Management,Urban Infrastructure Investment and Local Debt Expansion

作　　者：卓何佳 王欢明[1] Hejia Zhuo;Huanming Wang

机构地区：[1]大连理工大学公共管理学院

出　　处：《公共行政评论》2025年第2期66-84,197,198,共21页Journal of Public Administration

基　　金：国家自然科学基金青年基金项目“地方政府专项债券资源错配:时空特征、形成机制及策略优化”(72404048);教育部哲学社会科学研究重大课题攻关项目“构建高质量社会领域公共服务体系研究”(21JZD034);国家社会科学基金后期资助项目“中国情景下的公共服务合作生产与价值共创”(23FGLB015)。

摘　　要：基础设施是中国城市发展的重要基础,更成为地方政府在地区竞争中的关键领域。作为中国城市基础设施建设的重要资金来源,地方政府的债务增长与围绕基础设施建设展开的地区竞争紧密相连。作为中国基础设施投融资制度的一项重要改革,专项债券发行与管理制度为研究提供了新的视角。基于此,论文以2018—2020年间200个地级市的空间面板数据为基础,运用空间杜宾模型,实证检验了周边城市的基础设施建设投资如何影响地方政府的举债行为。研究发现:(1)周边城市的基础设施建设投资显著影响了本城市地方政府的债务扩张。具体来说,仅地理邻近关系的周边城市增加基础设施建设投资会导致本城市债务扩大,而同一省级行政单元内的城市基础设施投资增加则抑制了本城市的债务扩张。(2)周边城市基础设施投资与本城市债务扩张之间的关系存在显著的空间异质性,其影响在中部地区更为显著。因此,现行的专项债券发行与管理制度在一定程度上有效地约束了地方政府将由地区基础设施投资竞争引发的举债冲动转变为实际的债务。但同时,在“自上而下”和“自下而上”相结合的制度安排下,地方政府可能陷入为了争取更多的专项债券发行额而导致的新一轮“投资竞争”。Infrastructure constitutes a fundamental basis for the development of Chinese cities and represents a key area of competition among local governments.As a significant source of financing for urban infrastructure development in China,the expansion of local government debt is inextricably linked to the regional competition surrounding infrastructure construction.The issuance and management system of special-purpose bonds is a significant reform in China s infrastructure investment and financing system,offering a novel context for relevant research.This study employs a Spatial Durbin Model to empirically examine the effect of investment in infrastructure construction by neighboring cities on local government debt,using spatial panel data of 200 prefecture-level cities from 2018 to 2020.The study s findings are as follows:(1)Investment in infrastructure construction by neighboring cities has a significant impact on the debt expansion of the focal city.Specifically,an increase in infrastructure construction investment by neighboring cities in close geographical proximity is associated with an expansion of debt in the focal city.Conversely,an increase in infrastructure investment within the same provincial administrative unit has a suppressive effect on the debt expansion of the focal city.(2)The relationship between infrastructure investment in neighboring cities and debt expansion in the focal city exhibits significant spatial heterogeneity,with the effect being more pronounced in the central region.Consequently,the present system of issuing and managing special bonds effectively constrains local governments from transforming the debt impulse generated by regional infrastructure investment competition into actual borrowing.However,under the institutional arrangement combining top-down and bottom-up approaches,local governments may be trapped in a new cycle of“investment impulse”in order to secure a larger amount of special bond issuance.

关 键 词：专项债券 城市基础设施 地区竞争 地方政府债务 空间杜宾模型 

分 类 号：D63[政治法律—政治学]