地方政府专项债促进了企业创新吗?

Do Local Government Special Bonds Promote Enterprise Innovation?

自2015年新《预算法》全面实施以来,一系列地方政府债务管理体制改革政策陆续推出。作为改革后政府举债投资的主要方式,地方政府专项债扩张对企业创新的影响是评估改革效果的重要依据。本文通过政策梳理和理论分析识别地方政府专项债影响企业创新的机理,基于2015—2020年地级市与上市公司匹配的面板数据,实证检验了地方政府专项债对本地企业创新的影响。研究发现:地方政府专项债通过提高地方基础设施投资效率、降低企业融资约束和实际税负水平来促进企业创新;对于集聚程度较低和财政透明度较低地区、融资约束较高和税费负担较高企业,地方政府专项债对企业创新促进效应较强。本文研究表明地方政府专项债能够有效提升经济效率,助力经济高质量发展。

Since the full implementation of the new Budget Law in 2015,the Chinese government has continu-ously launched a series of policies to reform the local government bonds management system.The impact of the expansion of local government special bonds on enterprise innovation is an important basis for evaluating the ef-fectiveness of the system reform.This paper identifies the mechanism by which local government special bonds affects enterprise innovation through policy review and theoretical analysis.It empirically tests the impact of lo-cal government special bonds on local enterprise innovation based on panel data from A-share listed companies and urban from 2015 to 2020.The study finds that local government special bonds promotes enterprise innova-tion by improving the efficiency of local infrastructure investment,reducing enterprise financing constraints,and lowering the effective tax burden.The innovation-promoting effect of special bonds on firms is stronger in re-gions with lower levels of agglomeration and fiscal transparency,and within firms facing higher financing con-straints and tax burdens.This study shows that local government special bonds can effectively improve economic efficiency and contribute to the high-quality development of the economy.