当代财经 ›› 2024, Vol. 0 ›› Issue (7): 31-44.

• 公共经济与管理 • 上一篇    下一篇

数字经济发展对地方政府债务风险的影响

董浩然1, 周全林2   

  1. 1.洛阳理工学院 经济与管理学院,河南 洛阳 471023;
    2.江西财经大学 财税与公共管理学院,江西 南昌 330013
  • 收稿日期:2024-01-17 修回日期:2024-06-04 出版日期:2024-07-15 发布日期:2024-08-27
  • 通讯作者: 周全林,江西财经大学教授,经济学博士,主要从事财税理论与政策研究,联系方式zhouql2006@163.com。
  • 作者简介:董浩然,洛阳理工学院讲师,经济学博士,主要从事财税理论与政策研究。
  • 基金资助:
    河南省哲学社会科学规划项目“数字经济对河南地方政府债务风险的影响与应对策略研究”(2023CJJ171); 河南省重点研发与推广专项(软科学)项目“地方政府债务影响河南绿色经济发展的空间效应及应对策略研究”(232400411190); 河南省高校人文社会科学研究一般项目“河南省地方政府债务绩效评价研究”(2023-ZDJH-359)

The Impact of Digital Economy Development on Local Government Debt Risks

DONG Hao-ran1, ZHOU Quan-lin2   

  1. 1. Luoyang Institute of Science and Technology, Luoyang 471023;
    2. Jiangxi University of Finance and Economics, Nanchang 330013, China
  • Received:2024-01-17 Revised:2024-06-04 Online:2024-07-15 Published:2024-08-27

摘要: 数字经济发展是建设数字政府、推动财政数字化改革的重要驱动力,其对打造地方财政新增长点、提高地方政府债务风险治理能力具有重要意义。基于2015—2020年我国241个地级市面板数据,实证分析数字经济对地方政府债务风险的影响及其作用机制。研究表明:数字经济发展显著地降低了地方政府债务风险,是防范化解地方政府债务风险的有效措施。机制分析发现,数字经济发展通过提升财政分权度与财政透明度间接降低了地方政府债务风险。异质性分析发现,东部和中部地区的数字经济发展对地方政府债务风险具有抑制作用。同时,内外部环境条件在该影响机制中起到一定的积极作用,受金融资源支持和地方政府治理能力的正向调节作用,数字经济发展对地方政府债务风险的抑制作用更大。进一步分析发现,数字经济发展对隐性债务风险同样具有抑制作用。因此,应积极推动数字经济发展,强化地方财源建设,提高政府财政透明度,加强金融资源支持和提高地方政府治理能力,从而防范化解地方政府债务风险。

关键词: 数字经济发展, 地方政府债务风险, 财政分权, 财政透明度

Abstract: The development of digital economy is the main driving force to promote the financial digitalization reform and build a digital government, which is of great significance to create a new growth point for local finance and improve the ability of local government debt risk management. Based on the panel data of 241 prefecture-level cities in China from 2015 to 2020, this paper empirically analyzes the impact of digital economy on local government debt risk and its mechanism of action. The findings show that the development of digital economy has significantly reduced the risk of local government debt and is an effective measure to prevent and resolve the risks of local government debt. The mechanism analysis finds out that digital economic development has indirectly reduced local government debt risks by improving fiscal decentralization and fiscal transparency. The heterogeneity analysis reveals that digital economic development in the eastern and central regions has an inhibiting effect on local government debt risks. At the same time, the internal and external environmental conditions play a positive role in this mechanism; and the digital economy development has a greater inhibiting effect on local government debt risk due to the positive moderating effect of the financial resource support and the local government governance capacity. Further analysis reveals that digital economic development has the same inhibitory effect on the hidden debt risks. Therefore, we should actively promote the development of the digital economy, strengthen the construction of local financial resources, improve the transparency of government finances, and enhance the support of financial resources and the governance capacity of local governments, so as to prevent and resolve the risks of local government debt.

Key words: digital economy development, local government debt risk, fiscal decentralization, fiscal transparency

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