经济理论与经济管理 ›› 2022, Vol. 42 ›› Issue (12): 32-47.

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地方政府融资方式的地区差异及其影响机制

  

  1. 1  湖州师范学院经济管理学院;   2  东北财经大学经济与社会发展研究院;   3  东北财经大学统计学院;    4  抚顺职业技术学院。
  • 出版日期:2022-12-16 发布日期:2023-01-06
  • 基金资助:
    本文获得国家社会科学基金重大项目“数字赋能中国全球价值链攀升的路径与测度研究”(21&ZD148)的资助。感谢大连市社科院“一带一路”沿线国家交流合作研究基地的支持。

REGIONAL DIFFERENCES IN LOCAL GOVERNMENT FINANCING METHODS AND THEIR INFLUENCE MECHANISMS

  1. 1 School of Economics and Management,Huzhou University;
    2 Economic and Social Development Research Institute,Dongbei University of Finance & Economics;
    3 School of Statistics,Dongbei University of Finance & Economics;
    4 Fushun Vocational and Technical College
  • Online:2022-12-16 Published:2023-01-06

摘要: 地方政府对融资方式的使用受地区特征约束,本文将当前两大融资方式——融资平台发行的城投债和PPP模式纳入统一视野,从经济发展、财政债务、市场开放三个层面的地区特征出发,运用2015—2020年的省级面板数据,构建融资方式依存度指标反映地方政府对融资方式的使用力度,探究地区特征对融资方式差异的影响机制。研究发现,地方政府的融资方式偏好映射为融资方式的地区差异,融资方式偏好受地区特征影响,且作用于两种融资方式的地区特征不同:显著影响城投债的地区特征与财政债务状况关联紧密,而显著影响PPP模式的地区特征与市场开放关联紧密。在综合财力异质性影响下,两种融资方式与地区特征间的关联得到进一步细化,低财力组中融资方式依存度与财政债务特征的关联性更弱。同时,城投债和PPP模式间的替代性可能导致PPP模式的优势无法体现。本文为明晰融资方式差异存在的原因提供了实证依据,可为优化地方政府融资结构提供参考。

关键词: 融资方式, 地区差异, 地区特征, 城投债, PPP模式

Abstract: The use of financing methods by local governments is constrained by regional characteristicsThis paper brings the two major financing methods at the current stage,municipal investment bonds issued by LGFVs and PPP,into a unified visionStarting from regional characteristics including economic development,fiscal debt and market opening,this paper uses the provincial panel data from 2015 to 2020 to construct a financing method dependence index to reflect local government's use of financing methods,and explores the impact mechanism of regional characteristics on the differences in financing methodsThe study finds that the local government's financing method preferences are mapped to the regional differences in financing methods and the financing method preferences are affected by regional characteristics,and the regional characteristics that affect the two financing methods are different: the regional characteristics that significantly affect municipal investment bonds are closely related to fiscal debt status,and the regional characteristics that significantly affect the PPP are closely related to market openingUnder the influence of the heterogeneity of financial resources,the correlation between the two financing methods and regional characteristics is further refined,and the correlation between the dependence of financing methods and the characteristics of fiscal debt is weaker in the low financial resource groupAt the same time,the substitutability between municipal investment bonds and PPP may lead to the inability to reflect the advantages of the PPPThis paper provides an empirical basis for clarifying the reasons for the differences in financing methods,and can provide a reference for optimizing the financing structure of local governments

Key words: financing method, regional differences, regional characteristics, municipal investment bonds, PPP ,