地方政府债务与企业创新——基于省级面板数据和国务院43号文件的实证研究

当代财经 ›› 2018, Vol. 0 ›› Issue (08): 91-.

地方政府债务与企业创新——基于省级面板数据和国务院43号文件的实证研究

朱晨赫1，杨筝2，程晨3

（1. 河南大学经济学院，河南开封 475001；2. 武汉纺织大学管理学院，湖北武汉 430200；3. 郑州大学商学院，河南郑州 450001）

收稿日期:2018-04-08 发布日期:2021-01-21
作者简介:朱晨赫，河南大学博士研究生，主要从事微观金融研究；杨筝，武汉纺织大学讲师，博士，主要从事公司金融研究，通讯作者联系方式yangzheng704@gmail.com; 程晨，郑州大学副教授，博士，主要从事财务会计研究。

Local Government Debt and Corporate Innovation: An Empirical Study based on Provincial Panel Data and No. 43 Document of the State Council

ZHU Chen-he1, YANG Zheng2, CHENG Chen3

（1. Henan University, Kaifeng 475001; 2. Wuhan Textile University, Wuhan 430200; 3. Zhengzhou University, Zhengzhou 450001, China）

Received:2018-04-08 Published:2021-01-21

摘要/Abstract

摘要： 利用2011—2016年的省级面板数据与上市公司数据的交叉样本研究发现，地方政府债务导致企业创新下降，表现为地方债问题严重地区的专利申请量和授权量较少。调节效应的检验结果表明，在地方债问题严重的地区，非国有企业受到的创新抑制程度更大；部分非国有企业的政治关联缓解了地方债对企业创新的破坏作用；外部融资依赖程度较高行业的企业创新受地方债的不利影响更为突出。通过“43号文”构建双重差分模型的检验发现，地方债的治理起到了提升企业创新的作用。机制考察的结果显示，地方债治理提高了信贷配置效率、降低了融资约束对企业创新的不利影响。

关键词: 地方债治理,信贷配置效率,企业创新,双重差分

Abstract: The findings of this study, which makes use of the provincial panel data from 2011 to 2016 and the cross samples of the data of listed companies, show that local government debt leads to a decline in corporate innovation, which is reflected in the reduced amount of patent applications and patent grants in regions with severe problems of local government debt. The testing result of the regulatory effect shows that non-state-owned enterprises have received stronger innovation inhibition in the regions with serious local debt problems, that the political connections of some non-state-owned enterprises have mitigated the damage of local debt to the enterprise innovations, and that the enterprise innovation of the industries with higher levels of external financing dependence is negatively and significantly affected by the local debts. In accordance with the No.43 document of the State Council, this paper constructs a DID model to carry out a test, the result shows that the governance of local debts can play a role in improving enterprise innovations. The result of an examination of the mechanisms indicates that the governance of local debts has improved the efficiency of credit allocation and reduced the negative impact of financing constrain on enterprise innovation.

Key words: local debt management; credit allocation efficiency; enterprise innovation; difference-in-difference

朱晨赫1，杨筝2，程晨3. 地方政府债务与企业创新——基于省级面板数据和国务院43号文件的实证研究[J]. 当代财经, 2018, 0(08): 91-.

ZHU Chen-he1, YANG Zheng2, CHENG Chen3. Local Government Debt and Corporate Innovation: An Empirical Study based on Provincial Panel Data and No. 43 Document of the State Council[J]. Contemporary Finance & Economics, 2018, 0(08): 91-.