地方政府债务治理与民营企业新质生产力——基于关键数字技术突破的考察

Local Government Debt Governance and New Quality Productive Forces in Private Enterprises:A Perspective on Key Digital Technological Breakthrough

提升民营企业关键数字技术突破能力,是加快培育新质生产力、实现国家高水平科技自立自强的重要抓手。本文将地方债管理体制改革视为准自然实验,运用双重差分模型系统考察了其对民营企业关键数字技术突破的影响。研究发现,地方债管理体制改革后,民营企业在数字领域的关键技术专利显著增长,这一效应在财政压力大、银行竞争度低、教育投入多、交通基础设施弱的地区和高新技术行业更为凸显。机制检验结果表明,地方政府债务治理激发了关键数字技术创新的“源头活水”,即地方债管理体制改革能够有效缓解流动性约束,并通过人力资本效应、信息资源效应、数字战略效应实现关键数字技术突破。本文为地方债管理体制改革的数字创新效应提供了来自微观企业的经验证据,为进一步掌握发展数字经济自主权提供了理论支撑和有益参考。

Enhancing the breakthrough capability of key digital technologies in private enterprises is a crucial lever for accelerating the cultivation of new quality productive forces and achieving national self-reliance and self-strengthening in science and technology.This paper takes the reform of the local government debt management system as a quasi-natural experiment and employs difference-in-dfferences estimations to investigate its impact on the breakthrough of key digital technologies in private enterprises.The research finds that after the local government debt management system reform,the number of key technology patents in the digital field of private enterprises has significantly increased.This effect is particularly pronounced in regions with high fiscal pressure,low bank competition,high education investment,weak transportation infrastructure,and high-tech industries.The mechanism analysis documents that local government debt governance effectively stimulates the source of living water of key digital technological innovation.Specifically,the reform can effectively alleviate liquidity constraints and achieve breakthroughs in key digital technology through the effects of human capital,information resources,and digital strategies.Our study provides empirical evidence from micro-enterprises on the digital innovation effect of local government debt management system reform,offering theoretical support and valuable insights for firmly grasping the autonomy in developing the digital economy.