制度压力与地方政府的债务融资行为——来自市级面板数据的经验证据

Institutional Pressure and Local Governments’Debt Financing Activities--Empirical Evidence from City-Level Panel Data

以我国2008-2017年的市级面板数据为样本,基于制度理论,实证分析了制度压力对地方政府债务融资的影响,研究发现规范性制度压力会显著地刺激地方政府债务规模的扩张。经过一系列稳健性检验,这一结论依然成立。基于研究结论,提出深化地方考核机制改革、加强地方债务限额管理以及推进地方债务信息公开等系列建议。

Based on the city-level panel data from 2008-2017,the paper empirically investigates the impact of institutional pressure on local governments’debt financing activities from the perspective of institutional theory.It is found that normative institutional pressure has a significantly positive effect on local governments’debt financing.The results remain robust under a series of robustness tests.According the researching findings,the paper offers several policy implications,including the reform of local appraisal system,the quota management of local debt and the upgrade of local debt information disclosure.