摘要
开发区是新质生产力发展的主阵地,发挥开发区债务的“筑巢引凤”效应是提升全要素生产率的关键。利用2007—2015年全国税收调查数据,考察开发区融资平台债务对企业全要素生产率的影响及其作用机制。研究发现,开发区融资平台债务会显著提升所在县(区)企业全要素生产率,这一效应受开发区所在区域、发展阶段和融资平台公司股权结构等因素影响而呈现异质性。机制分析表明,开发区融资平台债务一方面通过完善基础设施建设,发挥资源配置优化、人力资本提升和数字化发展效应,吸引企业入驻开发区;另一方面通过强化土地引资竞争,降低企业用地成本,从而促进企业全要素生产率提升。拓展分析发现,开发区融资平台债务“筑巢引凤”带来的产值和税收增长可以有效抵补债务风险。
Development zones are the main battleground for the growth of new productive forces,and leveraging the“build it and they will come”effect of development zone debt is crucial for enhancing total factor productivity(TFP).Using national tax survey data from 2007 to 2015,this paper examined the impact of financing platform debt in development zones on the TFP of enterprises and its underlying mechanisms.The study finds that financing platform debt in development zones significantly boosts the TFP of enterprises in the respective counties or districts.This effect varies based on the region and development stage of the development zone,the equity structure of the financing platform companies,and the ownership type of the enterprises.Mechanism analysis shows that,on the one hand,the debt of the financing platform in the development zone attracts enterprises to settle in the development zone by improving infrastructure construction,and giving full play to the effect of resource allocation,human capital and digital economy development.Additionally,it strengthens land investment competition,reduces enterprise land costs,and thereby promotes TFP improvement.The expansion analysis has found that the economic efficiency of the development zone financing platform debt“nest to attract the phoenix”can effectively compensate the debt risk.
作者
杜俊莹
毛捷
曹婧
DU Junying;MAO Jie;CAO Jing(School of International Trade and Economics,University of International Business and Economics,Beijing 100029,China;Institute of Finance&Banking,Chinese Academy of Social Sciences,Beijing 100035,China)
出处
《北京理工大学学报(社会科学版)》
北大核心
2025年第2期193-206,共14页
Journal of Beijing Institute of Technology:Social Sciences Edition
基金
国家自然科学基金青年项目“地方政府土地融资模式转变:形成机理与经济效应”(72203228)
中国社会科学院“青启计划”“地方政府‘以地谋发展’的风险分析与转型路径”(2024QQJH118)。
关键词
企业全要素生产率
开发区
融资平台债务
基础设施
土地引资
enterprise total factor productivity
development zone
financing platform debt
infrastructure
land investment attraction
作者简介
杜俊莹(1996—),女,博士研究生,E-mail:dujunying0811@163.com;通信作者:毛捷(1979—),男,教授,博士生导师,E-mail:maojie@uibe.edu.cn;曹婧(1995—),女,副研究员,E-mail:cjuibe@126.com。
