地方政府债务与企业创新——来自A股上市公司的经验证据

Local Government Debt and Enterprise Innovation——Empirical Evidence of A-share Listed Companies

本文分析地方政府债务对企业创新的影响机制,在此基础上利用2015—2019年A股上市公司的面板数据进行实证分析。结果表明:首先,地方政府债务显著抑制企业创新活动;其次,相比于国有企业,该抑制影响在非国有企业表现更加明显;最后,东部省份企业的创新活动更容易受到地方政府债务的不利影响,中西部地区受到的影响则不显著。因此,需要通过降低地方政府杠杆率与完善发展资本市场,以缓解地方政府债务对企业创新造成的抑制影响。

This article analyzes the impact of local government debt on enterprise innovation and conducts empirical analysis on the topic by using panel data of A-share listed companies from 2015 to 2019.The results show that local government debt significantly inhibits enterprise innovation and the effect is more pronounced in non-state-owned companies than in stated-owned enterprises.Lastly,innovation at companies in the eastern provinces is more susceptible to the adverse effects of local government debt,while the effects in the central and western regions are limited.Therefore,it is necessary to reduce the leverage ratio of local governments and improve the development of the capital market to alleviate the impact of local government debt on enterprise innovation.