地方政府债务能否促进企业绿色创新？来自中国地方政府债务治理改革的证据

IF 7.9 2区经济学 Q1 ECONOMICS

Economic Analysis and Policy Pub Date : 2024-10-15 DOI:10.1016/j.eap.2024.10.010

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引用次数: 0

摘要

绿色创新是促进绿色经济和实现可持续发展的重要战略。本文重点研究政府债务在企业绿色创新可持续性中的作用，尤其是在2014年中国地方政府债务治理改革（CLGDGR2014）的背景下。本研究通过分析 2011 年至 2018 年中国上市公司的年度数据，探讨了 CLGDGR2014 对企业绿色创新的影响及其内在驱动机制。研究结果表明，CLGDGR2014缓解了企业的融资约束，凸显了地方政府债务在推进新型基础设施建设中的生产性功能，从而提高了企业的绿色创新能力。进一步分析探讨了 CLGDGR2014 后各类债务对绿色创新的影响，结果表明显性地方政府债务具有促进作用，而隐性地方政府债务的促进作用并不明显。总之，本研究为利用和管理地方政府债务以刺激绿色创新提供了新的见解。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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Does local government debt promote firm green innovation? Evidence from the Chinese local government debt governance reform

Green innovation is a crucial strategy for fostering a green economy and achieving sustainable development. This paper focuses on the role of government debt in the sustainability of firm green innovation, particularly in the context of Chinese local government debt governance reform in 2014 (CLGDGR2014). By analyzing annual data of Chinese publicly listed firms from 2011 to 2018, the study explores the impact of CLGDGR2014 on firm green innovation and the underlying driving mechanisms. The findings suggest that CLGDGR2014 improves the firm green innovation, by alleviating firms' financing constraints and underscoring the productive function of local government debt in advancing new infrastructure development. The further analysis explores the impact of various types of debt on green innovation after CLGDGR2014 and indicates that explicit local government debt has a promoting effect while implicit local government debt is not obvious. In conclusion, this research offers new insights into leveraging and managing local government debt to stimulate green innovation.

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来源期刊

Economic Analysis and Policy ECONOMICS-

CiteScore

9.80

自引率

9.20%

发文量

231

审稿时长

93 days

期刊介绍： Economic Analysis and Policy (established 1970) publishes articles from all branches of economics with a particular focus on research, theoretical and applied, which has strong policy relevance. The journal also publishes survey articles and empirical replications on key policy issues. Authors are expected to highlight the main insights in a non-technical introduction and in the conclusion.