地方发债、债务投向与产业结构升级

Local Debt,Uses of Debt and Upgrading of Industrial Structure

地方发债是地方政府引导地区产业结构升级的重要行为。本文利用2009~2017年地级市城投债发行数据,实证分析了地方债务对产业结构升级的影响效应,结果表明,城投债发行对产业结构升级具有积极影响,城投债债务投向不同行业对产业结构升级的影响效应存在差异。债务资金投入到建筑业和交通运输等传统基础设施行业对产业结构升级没有显著影响,投入到综合类行业、房地产业、科技文化行业中将对产业结构升级产生明显的正向影响,投入到金融行业不利于产业结构升级。本文对如何提升债务资金利用效率和合理规划地方政府债务投向提供了启示。

Local debt issuance is an important act of local governments to guide the upgrading of regional industrial structure.This paper uses the data of urban investment bonds issued by prefecture-level cities from 2009 to 2017 to empirically analyze the impact of local debt on the upgrading of industrial structure.The results show that urban investment bonds have a positive impact on the upgrading of industrial structure,and there are differences in the impact effects of different industries on the upgrading of industrial structure.The investment of debt funds in the construction industry,transportation and other traditional infrastructure industries has no significant impact on the upgrading of the industrial structure,while the investment in the comprehensive industry,real estate industry,science and technology and culture industry will have a significant positive impact on the upgrading of the industrial structure,while the investment in the financial industry is not conducive to the upgrading of the industrial structure.This paper provides enlightenment on how to improve the utilization efficiency of debt funds and reasonably plans the investment of local government debt.