地方国库现金管理与债务管理协调配合对地方经济发展产生的促进作用研究——基于现金管理与地方政府债务省级面板数据

Research on the Promotion of Local Economic Development Through the Coordination of Local Treasury Cash Management and Debt Management:Based on Provincial Panel Data of Cash Management and Local Government Debt

国库现金管理作为盘活存量资金的重要手段,若能与债务管理形成有效协调配合,便能提高资金使用效益、保持流动性合理充裕,进而促进区域经济增长。然而,由于现金管理和债务管理存在决策主体、操作目标、操作工具等方面的冲突,两者在当下并没有实现有效的协调配合。本文以现金管理与地方政府债务2015—2023年省级面板数据为样本,通过构建固定效应模型,研究了协调配合水平提高对于区域经济增长的意义。实证结果表明,协调配合水平提高可以有效促进区域经济增长,且初始经济发展条件较差的地区这一积极效应更为明显。鉴于此,有关部门应当针对现阶段两者难以协调配合的原因,探索地方国库现金管理与债务管理的协调配合模式及相应的政策措施,促进协调配合水平的提升。

As an important tool for activating stock funds,treasury cash management can improve fund utilization efficiency and maintain reasonable liquidity if effectively coordinated with debt management,thereby promoting regional economic growth.However,due to conflicts between the decision-making entities,operational objectives,and tools used in cash management and debt management,there has not yet been effective coordination between the two.This study uses provincial panel data from 2015 to 2023 on cash management and local government debt as samples and constructs a fixed-effect model to explore the significance of improving the coordination level for regional economic growth.Empirical results show that improving coordination can effectively promote regional economic growth,and regions with poorer initial economic conditions benefit more from increased coordination.Relevant departments should explore coordination models and corresponding policy measures for local treasury cash management and debt management,based on the current difficulties in their coordination,to promote improvements in coordination.