地方公共债务与中国制造业资源误置

Local Public Debt and Resource Misallocation in China's Manufacturing Industry

提高资源配置效率是实现经济高质量发展的重要动力源泉。本文利用2007—2015年全国税收调查数据考察地方公共债务扩张对我国制造业资源误置的影响。研究发现,地级市的城投债发行额每提高1%,行业内企业的生产率离散程度将提高0.021%,这表明地方公共债务的累积加重了资源误置程度。在稳健性检验中,本文变更了企业全要素生产率、资源误置程度与地方公共债务的度量方式,处理了内生性问题,估计结果保持稳健。异质性分析的结果表明,地方公共债务对行业资源误置的影响在非国有企业和高融资约束行业中更加明显。机制分析的结果显示,地方公共债务的累积使得劳动力和资本要素从高效率企业移向低效率企业,导致高效率企业的全要素生产率下降,但并没有提高低效率企业的全要素生产率,从而加剧了资源误置。本文的研究有助于加深对地方公共债务影响资源错配的微观机制的理解,对于政府提升债务资金配置和使用效率具有重要启示。

Improving the efficiency of resource allocation is an important source of motivation for achieving high-quality development.This paper utilizes the 2007-2015 national taxa-tion survey database to examine the impact of the expansion of local public debt triggered by the Four trillion Economic Stimulus Plan on resource misallocation in China’s manufactur-ing industry.The estimation results show that for every 1%increase in the issuance of urban investment bonds in prefecture-level cities,the productivity dispersion of enterprises in the industry increases by 0.021%,which means that the accumulation of local public debt has increased the degree of resource misallocation.In the robustness test,we changed the measurement methods of total factor productivity,resource misallocation,and local public debt.We also dealt with the endogenous problem and the results remain robust.The results of heterogeneity analysis show that the influence of local public debt on resource misallocation is more obvious for non-state-owned enterprises and industries with high financing constraints.The results of the mechanism analysis show that the accumulation of local public debt will cause labor factor and capital factor to move from high-efficiency enterprises to low-efficiency enterprises,leading to a decline in the total factor productivity of highefficiency enterprises and exacerbating resource misallocation.This study helps to deeply understand the micro mechanism of local public debt affecting resource mismatch and has important enlightenment for the government to improve the allocation and use efficiency of debt funds.