地方债发行能否推动实体企业高质量发展?——基于中国A股和新三板制造业上市公司数据的实证研究

Can the Issuance of Local Government Bonds Promote the High‑quality Development of Physical Enterprises?:Empirical Research Based on Data of Chinese A‑share and New Third Board Manufacturing Listed Companies

对中国2015—2021年制造业上市公司财务报表和地方债数据的关系研究表明:地方债水平的提高能显著提升中国制造业企业全要素生产率。机制分析发现,地方债发行通过缓解融资约束、刺激企业加大研发投入,促进了制造业企业全要素生产率提升,但也减缓了高素质人才的积累。异质性分析发现,专项债比一般债更能显著提升制造业企业全要素生产率,并且地方债发行对提高大中型企业、国有企业、非劳动密集型企业、经济发达地区、低债务水平地区企业的全要素生产率的作用更加显著,进一步研究发现,地方债发行规模与企业高质量发展存在倒U型关系,地方债水平超过0.0773极值后,地方债发行会不利于企业全要素生产率提高,抑制企业高质量发展。研究结论对坚持通过地方债发行促进经济发展和企业高质量发展的政策具有重要现实意义。

The research on the relationship between the financial statements of listed manufacturing companies in China from 2015 to 2021 and local government bond data shows that the increase in the level of local government bond can significantly improve the total factor productivity of Chinese manufacturing enterprises.From the mechanism analysis,it is found that the issuance of local government bond promotes the improvement of total factor productivity of manufacturing enterprises by alleviating financing constraints and stimulating enterprises to increase R&D investment,but it also slows down the accumulation of high‐quality talents,which is not conducive to the improvement of total factor productivity of enterprises.The heterogeneity analysis found that special bonds can significantly improve the total factor productivity of manufacturing enterprises compared to general bonds,and the issuance of local government bond has a more significant effect on improving the total factor productivity of large and medium‐sized enterprises,state‐owned enterprises,non‐labor‐intensive enterprises,economically developed regions,and enterprises with low bond levels.Further research found that there is an inverted U‐shaped relationship between the scale of local government bond issuance and the high‐quality development of enterprises.After the local government bond level exceeds the extreme value of 0.0773,the issuance of local government bond will inhibit the high‐quality development of enterprises.The research conclusion has important practical significance for adhering to the policy of promoting economic development and high‐quality development of enterprises through the issuance of local government bond.