Paper Infomation
Research on the Impact of Local Government Debt on Enterprise Innovation
Full Text(PDF, 62KB)
Author: Ying Tao
Abstract: Based on the current prominent local government debt problem and the realistic background of innovation-driven development strategy in China, this paper selects the data of A-share listed companies from 2015 to 2023 as a research sample to explore the negative impact of local government debt on enterprise innovation and how it affects enterprise innovation. The benchmark regression results of fixed effects indicate that over-expansion of local government debt inhibits corporate innovation, and the robustness of the research results is ensured by the endogeneity and robustness tests. In the process of inhibiting the expansion of local government debt on enterprise innovation, financing constraints play a part of the intermediary role, that is, the expansion of local government debt inhibits enterprise innovation through the financing bundle. There is heterogeneity in the impact of local government debt on the innovation activities of enterprises of different sizes, and the inhibition effect of local government debt on small-scale enterprises is more significant than that of large-scale enterprises.
Keywords: Local Government Debt, Corporate Innovation, Financing Constraints, Heterogeneity
References:
[1] 李扬,张晓晶.“新常态”:经济发展的逻辑与前景[J].经济研究,2015,50(05):4-19.
[2] 郭景先,苑泽明.生命周期、财政政策与创新能力——基于科技型中小企业的经验证据[J].当代财经,2018,(03):23-34.
[3] 余明桂,王空.地方政府债务融资、挤出效应与企业劳动雇佣[J].经济研究,2022,57(02):58-72.
[4] 孔丹凤,谢国梁.地方政府债务、债务结构与企业金融化[J].现代经济探讨,2021,(11):27-36+48.
[5] 华夏,马树才,韩云虹.地方政府债务如何影响实体企业信贷融资——基于异质性视角的中国工业企业微观数据分析[J].贵州财经大学学报,2020,(03):33-39.
[6] 饶品贵,汤晟,李晓溪.地方政府债务的挤出效应：基于企业杠杆操纵的证据[J].中国工业经济,2022,(01):151-169.
[7] 郑洁,袁洋,李国豪.地方政府债务、企业融资约束与企业创新[J].财经问题研究,2023,(09):94-104.
[8] Baron R M, Kenny D A. The moderator-mediator variable distinction in social psychological research: conceptual, strategic, and statistical considerations.[J].Chapman and Hall, 1986, 51(6):1173-1182.
[9] Hadlock J C, Pierce R J. New Evidence on Measuring Financial Constraints: Moving Beyond the KZ Index[J]. The Review of Financial Studies,2010,23(5):1909-1940.
[10] 张莉芳.政府补贴、国际化战略和企业创新能力——基于中国战略性新兴产业的经验研究[J].商业研究,2018,(06):151-160.