数字经济背景下企业杠杆对城市创新发展的影响研究——来自我国277个城市的经验证据

Research on the Impact of Corporate Leverage on Urban Innovation Development in the Context of Digital Economy——Empirical Evidence From 277 Cities in China

随着数字经济的发展,构建创新型城市成为实现我国经济高质量发展的重要推力。然而,居高不下的企业杠杆对城市创新发展的影响已不能忽视。基于此,本文利用2011—2020年277个地级市面板数据,在数字经济背景下探究企业杠杆对城市创新发展的影响。研究发现,企业杠杆将通过缓解融资约束和影响经济稳定性两个渠道对城市创新发展产生倒U型影响,且这一结论在替换解释变量等稳健性检验后依旧成立。同时,数字经济将发挥“催化剂”作用,加剧企业杠杆对城市创新发展的影响。进一步分析发现,相较于经济欠发达地区,企业杠杆在经济发达地区对城市创新发展的影响更为显著,且企业杠杆的平衡点较高。研究结果表明,政府在积极推进企业合理兼并重组、健全监管机制的同时,应当根据企业的性质、发展情况、所属地区发展程度等多种因素,分门别类、有序地推进企业“去杠杆”政策,以实现城市高质量发展。

With the development of the digital economy,building innovative cities has become an important driving force for achieving high-quality economic development in China.However,the impact of high corporate leverage on urban innovation and development can not be ignored.Based on this,this research uses panel data from 277 prefecture-level cities from 2011 to 2020 to explore the impact of corporate leverage on urban innovation and development in the context of the digital economy.Research has found that corporate leverage will have an inverted U-shaped impact on urban innovation and development through two channels:alleviating financing constraints and affecting economic stability,and this conclusion remains valid after replacing explanatory variables and other robustness tests.In the meanwhile,the digital economy will play a catalytic role,exacerbating the impact of corporate leverage on urban innovation and development.Further analysis reveals that compared to economically underdeveloped regions,corporate leverage has a more significant impact on urban innovation and development in economically developed regions,and the balance point of corporate leverage is relatively high.The research results indicate that while actively promoting reasonable mergers and acquisitions of enterprises and improving regulatory mechanisms,the government should classify and orderly promote the“deleveraging”policy for enterprises based on various factors such as the nature,development situation,and development level of the region they belong to,in order to achieve high-quality development of the city.