摘要
地方政府以土地出让收入作为担保和偿债来源能够放大其债务融资能力,而提高市场资源配置效率是实现经济高质量发展的重要支撑。首先,通过构建理论框架,揭示了金融摩擦异质性导致地方政府债务扩张加剧了资源错配;其次,利用中国工业企业数据,结合2009年中央政府放松地方政府债务融资管制这一外生事件,采用双重差分方法,对地方政府债务扩张的资源配置效应进行了实证检验。研究发现:地方政府债务扩张加剧了资源配置效率的损失,这一结论在经历了一系列稳健性检验后仍然成立;机制分析验证了理论框架的假设,即地方政府债务扩张相对更多的提高了民营企业融资成本和资本边际收益产品,进而拉大了部门间价值生产率的离散程度,造成资源错配的加剧;进一步分析发现,地方政府债务扩张引发的资源错配最终降低了加总的全要素生产率。上述结论丰富了现有针对中国地方政府债务经济效应分析的文献,不仅拓展了理论支撑,还提供了详实的经验证据,对防范和化解地方政府债务风险、助推经济高质量发展具有一定的参考价值。
Local governments can expand their debt financing capacity by using land conveyance revenue as a source of guarantee and debt repayment,while improving the efficiency of market resource allocation is an important support for realizing high-quality economic development.This paper first establishes a theoretical framework to show that local government debt expansion exacerbates resource misallocation due to financial friction heterogeneity.Second,using the data of Chinese industrial enterprises combined with the exogenous event of the central government’s deregulation of local government debt financing in 2009,it empirically tests the resource allocation effect of local government debt expansion by using the difference-in-differences method.The study finds that:1)Local government debt expansion exacerbates the loss of resource allocation efficiency,and this conclusion still holds after a series of robustness tests.2)The mechanism analysis verifies the hypothesis of the theoretical framework that local government debt expansion relatively raises the financing cost and the marginal return to capital product of private enterprises,which in turn widens the degree of dispersion of inter-sectoral value productivity and exacerbates resource mismatch.3)Further analysis shows that the resource mismatch induced by local government debt expansion ultimately reduces total factor productivity.The above findings enrich the existing literature on the analysis of the economic effects of local government debt in China,not only expanding the theoretical support,but also providing detailed empirical evidence,which is of certain reference value for preventing and resolving the risks of local government debt and promoting the high-quality development of the economy.
作者
廖甍
孟勇
王亚飞
LIAO Meng;MENG Yong;WANG Yafei(School of Public Finance&Economics,Shanxi University of Finance and Economics,Taiyuan 030006,China;Research Institute of Resource-based Economy Transformation and Development,Shanxi University of Finance and Economics,Taiyuan 030006,China;School of Economics and Management,Chongqing Normal University,Chongqing 401331,China)
出处
《审计与经济研究》
CSSCI
北大核心
2024年第2期117-127,共11页
Journal of Audit & Economics
基金
国家社会科学基金重点项目(14AJL015)
重庆市技术预见与制度创新专项(2023TFII-OIX0179)
山西省研究生科研创新项目(2021Y504)。
关键词
地方政府债务
资源错配
金融摩擦
土地财政
债务风险
土地出让
local government debt
resource misallocation
financial friction
land finance
debt risks
land conveyance
