| 地方政府债务规模与城市创新创业活跃度——基于激励效应和挤出效应的视角 |
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| 引用本文：陈俊营,崔文杰,方俊智.地方政府债务规模与城市创新创业活跃度——基于激励效应和挤出效应的视角[J].财经理论与实践,2025,(2):60-70 |
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| 中文摘要:选取2010—2020年275个地级及以上城市面板数据，实证检验地方政府债务规模对城市创新创业活跃度的影响效果及作用机理。结果显示：地方政府债务规模对城市创新创业活跃度的影响呈倒U形，即随着地方政府债务规模的增长，其对城市创新创业活跃度表现出先促进后抑制的作用；异质性上，基础设施用途类债务所发挥的作用更强，规模较大、产业结构高级化和知识产权保护水平较高的城市倒U形变化更明显；作用机理上，适度的税收水平和基础设施建设分别在地方政府债务与城市创新创业活跃度间产生债税替代效应与担保效应，进而促进激励效应的发挥，而过度的税收水平和基础设施建设会放大二者间的挤出效应。因此，应优化地方政府债务规模与结构、提升债务资金配置效率、统筹协调债务水平与财税政策，进而提高城市创新创业活跃度。 |
| 中文关键词:创新创业活跃度 地方政府债务 激励效应 挤出效应 |
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| Local Government Debt Scale and Urban Innovation and Entrepreneurship Activity —Based on the Perspective of Incentive Effect and Crowding Out Effect |
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| Abstract:The panel data of 275 cities at prefecture-level and above from 2010 to 2020 are selected to empirically test the effect and mechanism of local government debt scale,on urban innovation and entrepreneurship activity. The results show that the effect of local government debt scale, on urban innovation and entrepreneurship activity is “inverted U-shape”, that is, with the growth of local government debt scale, its effect on urban innovation and entrepreneurship activity shows that it first promotes and then inhibits. In terms of heterogeneity, the role of infrastructure-use debt is stronger, and the “inverted U-shape” change is more obvious in cities with larger scale, advanced industrial structure and higher level of intellectual property protection; in terms of the mechanism of action, the moderate level of taxation and infrastructure construction will produce the debt-tax substitution effect and the guarantee effect between the local government debt and the urban innovation and entrepreneurship activity, respectively, which will promote the incentive effect, and the excessive level of taxation and infrastructure construction will amplify the crowding out effect between the two. Therefore, the scale and structure of local government debt should be optimized, the allocation efficiency of debt funds should be improved, and the debt level and fiscal and taxation policies should be coordinated in order to improve urban innovation and entrepreneurship activity. |
| keywords:innovation and entrepreneurship activity local government debt incentive effect crowding out effect |
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