空间视角下地方政府债务对地区创新的影响研究

Research on the Influence of Local Government Debt on Regional Innovation from the Perspective of Space

首先分析了地方政府债务对地区创新的影响机制,在此基础上利用2010—2016年中国30个省份的面板数据,运用空间面板计量模型实证考察地方政府债务对地区创新的影响。研究发现:地区创新活动具有显著的空间溢出效应;地方政府债务对地区创新活动具有显著的抑制作用;地方政府债务对地区创新活动的负向影响主要来源于直接效应,而间接效应和总效应不显著。因此,需要通过强化地方政府债务融资的市场化机制,弱化地方政府债务对创新活动的抑制作用,并加快建设多层次资本市场为地方政府和地区创新活动融资。

The paper first analyzes the impact mechanism of local government debt on regional innovation, and based on this, the panel data of 30 provinces in China from 2010 to 2016 are used to empirically test the impact of local government debt on regional innovation based on spatial panel econometric model. The study shows that regional innovation activities have significant spatial spillover effects;local government debt has a significant inhibitory effect on regional innovation activities;the negative impact of local government debt on regional innovation activities mainly comes from direct effects, while the impact of indirect effects and total effects are not significant. Therefore, it is necessary to strengthen the market-based mechanism of local government debt financing, weaken the inhibitory effect of local government debt on innovation activities, and provide financing for local government and regional innovation activities by accelerating the construction of multi-level capital markets.