【摘要】 本文基于2006—2013年中国255个地级及以上城市1424个政府融资平台的面板数据,使用面板分位数回归方法实证检验了地方债务与经济增长的关系,并从理论上阐述了"债务-基础设施建设-地区经济增长"的作用机制。结果表明,地方政府举债融资对我国城市经济发展有显著的正向促进作用,但在不同经济发展水平的分位数上影响系数存在显著差异,落后地区较发达地区在债务融资过程中处于劣势,举债融资建设的效果较差,因此落后地区在适度举债融资的同时,更要大力改善投资环境、提高投资效率。更多还原

【Abstract】 Based on the panel data of 1424 government financing platforms in 255 Chinese cities from 2006 to 2013, we use panel quantile regression method to conduct empirical test on the relationship between local debt and economic growth and explains the mechanism of"debt—construction of infrastructure—regional economic growth". The results show that local government financing has positive impact on urban economic development significantly, but the coefficient of influence differs significantly at various quantiles of economic development level. Compared with the developed areas, the backward regions are at the disadvantageous position in debt financing process, and the effects of the construction of debt financing seem unsatisfied. As a result, debt financing at the backward regions need the improvement of investment environment and investment efficiency.更多还原