Abstract: How to understand the impact of local government debt in the development of the national economy is the focus of current academic and government departments This paper uses the Chinese listed companies data and prefecture level cities local government debt data from 2009 to 2018，and empirically examines the impact and mechanism of local government debt on corporate entity investment and financial investment from the perspective of financing structure We draw the following conclusions
First，the expansion of local government debt lead to a decline in nonstate listed companies entity investment and a rise in financial investment While there was no significant impact on the investment of stateowned listed company This means that with the expansion of the scale of local government debt，the investment of nonstateowned listed companies has shown a trend of “deviate from real to virtual”
Second，that the impact of local government debt expansion on corporate investment has obvious regional，industry and individual heterogeneity At the regional level，the increase of local government debt has a greater impact on promoting the enterprise financial investment in the eastern region，and has a more obvious inhibitory effect on the entity investment in the central and western regions At the industry level，the increase in local government debt will lead to an increase in the financial investment of nonstateowned enterprises in infrastructure construction related industries，while the entity investment of nonstateowned enterprises in other industries will decline At the individual level，the preferential tax policies will lead to a higher increase in financial investment of nonstateowned enterprises，while the enterprises entity investment that do not enjoy the preferential tax policies will decline more
Third，the rise in local government debt has led to changes in the financing structure of non-state-owned listed companies，while the financing structure of stateowned enterprises has changed little It is verified that the change of financing structure is the potential impact mechanism that lead to the corporate investment “deviate from real to virtual”
Fourth，from a development perspective，on the one hand，financial investment yields will decline as local government debt expands，so the longterm and continuous increase of financial investment is not conducive to the operation of enterprises and the development of the national economy On the other hand，local government debt funds invested in infrastructure and peoples livelihood can alleviate the decline in entity investment，which indicating that good infrastructure is conducive to the development of the real economy
Finally，according to the research conclusions，this paper puts forward some targeted policy recommendations It can be summarized into three aspects：Firstly，we should focus on controlling the scale of local government debt within a reasonable range，prevent the disorderly expansion of debt，and optimize the investment direction of debt funds，so that the government debt funds can better play a positive role in driving public investment and industrial development Secondly，further improve the information disclosure system of listed companies so that investors can correctly understand the potential risks At the same time，attract more types of investors to undertake local government deb Thirdly，government departments can adopt more precise industrial policies，create a good policy environment conducive to enterprises active participation in entity investment，guide social capital into the real field，and promote the longterm healthy and sustainable development of the national economy

Key words: local government debt, investment, financialization, financing structure

摘要： 如何理解地方政府债务在国民经济发展中的影响作用是当前学术界与政府部门关注的焦点议题。本文采用2009—2018年中国上市公司数据，基于融资结构视角实证考察了地方政府债务对企业投资的影响效应和作用机制。研究发现：第一，地方政府债务扩张导致了非国有上市公司实体投资下降和金融投资上升，而对国有上市公司投资没有显著影响；第二，这一影响具有明显的地区、行业和企业个体异质性；第三，在地方政府债务攀升下非国有上市公司的融资结构变化，是导致企业投资“脱实向虚”的潜在影响机制；第四，从发展角度来看，金融投资收益率会随着地方政府债务增加而下降，因此长期持续增加金融投资不利于企业经营发展和国民经济运行，而政府债务资金投向基建民生领域能够缓解实体投资下滑。最后，根据研究结论，本文提出了具有针对性的政策建议。

关键词: 地方政府债务, 投资, 金融化, 融资结构