摘要
数字金融作为金融发展的新型业态,极大拓展了金融服务的范围和深度,对缓解地方政府债务融资困境具有重大作用。本文基于我国2015-2019年省级面板数据,探讨了数字金融发展对地方政府债务融资的影响及内在机制。研究发现:数字金融发展对地方政府债务融资效率具有积极作用,不仅提升了债务融资规模,还抑制了融资成本和融资风险,在一系列稳健性检验后这一结论仍然成立;同时,数字金融不仅直接影响地方政府债务融资,还通过提高财政透明度和金融资源配置效率间接对地方政府债务融资规模、成本和风险产生积极影响;此外,数字金融对地方政府债务融资的影响还受到地方政府能力的影响,在地方政府经济管理能力和公共治理能力的调节下,数字金融对地方政府债务融资规模的积极作用更加明显。本文的研究结论表明数字金融发展对地方政府债务融资具有积极影响,这为缓解当前地方政府债务融资困境,科学管理地方政府债务,防范系统性金融风险,推动区域经济高质量发展提供了新的方向和政策启示。
As a new type of financial development,digital finance has greatly expanded the scope and depth of financial services and played an important role in alleviating the local government debt financing difficulties.Based on China’s provincial panel data from 2015 to 2019,this paper discusses the impact of digital finance development on local government debt financing and its internal mechanism.The research found that the development of digital finance has a positive effect on the financing efficiency.It raises the size of debt financing,and it suppresses financing costs and financing risks.At the same time,digital finance not only directly affects local government debt financing,but also indirectly exerts a positive influence on local government debt financing by improving financial transparency and financial resource allocation efficiency.In addition,the impact of digital finance on local government debt financing is also influenced by the capacity of local governments.Under the adjustment of local government’s economic management ability and public governance ability,digital finance plays a more significant role in local government debt financing.The conclusion shows that the development of digital finance has a positive impact on local government debt financing.This provides a new direction and policy inspiration for alleviating the current debt financing dilemma of local governments,scientifically managing local government debt,preventing systemic financial risks,and promoting high quality of regional economy.
作者
侯世英
宋良荣
Hou Shiying;Song Liangrong
出处
《财政研究》
CSSCI
北大核心
2020年第9期52-64,共13页
Public Finance Research
基金
国家自然科学基金项目“产业互联‘智造’供需网的结构、演化及其动力学研究”(71871144)
上海市高原学科(S1201GYXK)。
关键词
数字金融
地方政府债务融资
中介效应
调节效应
Digital Finance
Local Government Debt Financing
Mediating Effect
Regulating Effect
