摘要
基于合作性和服务性视角,围绕“专项债→公共项目建设与服务→私人投资”主线,采用中国城市面板数据实证检验专项债对私人投资的影响。研究发现:总体上,专项债对私人投资具有显著促进作用;作为项目资本金以及采取PPP投资模式,专项债更有利于发挥合作性功能,激励私人投资参与公共项目建设;用于提供交通及市政和产业园区基础设施等基建类公共项目服务,专项债更有利于发挥服务性功能,促进私人投资提升;专项债促进私人投资提升的作用存在地区异质性,在东部地区表现更为显著。
From the perspective of cooperation and service,centering on the main line of“special debt→public project construction and services→private investment”,this paper empirically tests the impact of special debt on private investment based on the panel data of Chinese cities.The results show that,on the whole,special debt plays a significant role in promoting private investment.Special debt as project capital and PPP investment mode are more conducive to play the cooperative function and encourage private investment to participate in the construction of public projects.Special debt will be used for public infrastructure projects such as highways and municipal industrial parks,which will help them play their service functions and boost private investment.There is regional heterogeneity in the role of special debt in promoting private investment,which is more significant only in the eastern region.
作者
缪小林
张登
毛捷
MIAO Xiaolin;ZHANG Deng;MAO Jie(Yunnan University of Finance and Economics,Kunming 650221;University of International Business and Economics,Beijing 100029)
出处
《财贸研究》
北大核心
2023年第4期47-59,共13页
Finance and Trade Research
基金
国家自然科学基金项目“地方债风险时空转移及其系统性风险研究:风险源识别、路径机理与预警控制”(71763029)
国家社会科学基金重大项目“新时代下地方政府债务风险的新特征与监管研究”(18ZDA097)
云南省教育厅科学研究基金项目“地方政府债务金融风险管理研究——传导路径和防控举措”(2022Y477)。
关键词
专项债
私人投资
合作性
服务性
special debt
private investment
cooperation
serviceability
