摘要
基于城市城投债、PPP融资和政府行为数据,探究中国城市融资方式的时空演变及其驱动因素。结果表明:(1)PPP投资额在时空分布上受中央政策影响明显,城投债规模更多受制于城市经济情况;城市城投债规模的基尼系数大于PPP融资额;聚类结果表明东北地区主要为低-低型城市,长三角为低-高型和高-高型并存,西部和西北部分城市呈现高-低型。(2)专项转移支付、土地资源和财政信息披露均能提高城市PPP投资额和城投债规模;财政压力负向影响两种融资方式。(3)不同规模和战略地位的城市融资机制存在异质性。中小城市和一般性节点城市基建融资依赖于专项转移支付;大城市融资机制为资源-压力驱动;特大超大城市的融资重要动力为财政信息公开;区域级节点城市的融资规模受制于财政压力;国家级节点城市的土地资源是城市融资的关键。
This study explores the spatiotemporal evolution of urban financing methods in China and their driving factors based on data from chengtou bonds,PPP,and government behavior.The results show that:(1)The amount of PPP investments is significantly influenced by central government policies,while the scale of chengtou bonds is more constrained by the economic conditions of cities.The Gini coefficient of chengtou bonds scale is greater than that of PPP financing.Clustering results reveal that cities in the Northeast are predominantly low-low type,the Yangtze River Delta contains both low-high and high-high types,and some cities in the West and Northwest exhibit a high-low type.(2)Special transfer payments,land resources,and fiscal transparency all contribute to increasing the amount of PPP investments and the scale of chengtou bonds while fiscal pressure negatively affects both financing methods.(3)There is heterogeneity in the financing mechanisms of cities with different scales and strategic positions.Small and medium-sized cities and general node cities rely on special transfer payments for infrastructure financing;large cities’financing mechanisms are resource-and pressure-driven;the main drivers for mega-cities are fiscal transparency;the financing scale of regional node cities is constrained by fiscal pressure;and land resources are key to financing in national node cities.
作者
程安乐
张梦竹
CHENG Anle;ZHANG Mengzhu(School of Urban Planning and Desigin,Graduate Cellege of Shenzhen Peking University,Shenzhen 518000,China)
出处
《地域研究与开发》
北大核心
2025年第6期67-77,共11页
Areal Research and Development
基金
国家自然科学基金项目(42301220)
教育部人文社会科学研究一般基金项目(23YJC840037)
广东省自然科学基金项目(2024A1515010724)。
关键词
城投债
PPP投资
时空演变
城市基础设施
驱动机制
chengtou bonds
PPP investment
spatial and temporal evolution
urban infrastructure
driving factors
