创建文明城市对地方债务融资的影响效应研究

袁旭宏1; 2; 潘怡锦1; 张怀志1

创建文明城市对地方债务融资的影响效应研究

引用本文：袁旭宏1,2，潘怡锦1，张怀志1.创建文明城市对地方债务融资的影响效应研究[J].财经理论与实践,2022,(6):116-123

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作者	单位
袁旭宏1,2，潘怡锦1，张怀志1	（1.湖南科技大学商学院，湖南湘潭 411201 2.湖南省技术经济与管理现代化研究会，湖南长沙 410082）

中文摘要:以“全国文明城市”评选活动为准自然实验，采用多期DID、PSM-DID等方法，检验创建文明城市对地方债务融资的影响及其作用机制。结果显示：创建文明城市通过提高市政公用设施投资强度持续促进地方债务融资规模增长，对常住人口100万以下的中小城市和东部城市的债务融资促进效应更显著。既有促进地方市政建设银行贷款规模增长的完全中介效应，也有促进地方投融资平台债务融资增长的部分中介效应。拓展研究表明，促进债务融资增长效应，虽在短期内促进了经济增长，但会导致地区经济增长动力不足。鉴于此，可将地方债务相关指标纳入文明城市测评体系，适当提高城市特色指标比例，充分发挥创建文明城市对经济社会的积极影响，推进城市文明与经济社会协调发展。

中文关键词:全国文明城市双重差分法倾向得分匹配地方债务融资

Research on the Effect of Building Civilized Cities on Local Debt Financing

Abstract:This paper takes the selection activity of “National Civilized City” as a quasi-natural experiment, and selects multiple periods of DID, PSM-DID and other methods to test the impact of building a civilized city on local debt financing.The test results show that the creation of civilized cities significantly promotes the growth of local debt financing and this promoting effect has a sustained impact, which is obviously different in cities with different population sizes and regions. Municipal public facilities investment is an important mechanism for building a civilized city to promote the growth of debt financing scale. It has both the complete mediating effect of promoting the growth of local municipal construction bank loan scale and the partial mediating effect of promoting the growth of local investment and financing platform debt financing.This paper further finds that although borrowing to build civilized cities can promote economic growth in the short term, it will lead to the lack of regional economic growth impetus.

keywords:National Civilized City dual difference method propensity score matching local government debt

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