摘要
基于融资能力和土地价格扭曲视角,探究地方政府隐性债务是否会影响地区内企业对外直接投资行为以及两者之间存在怎样的影响路径。研究发现,地方政府隐性债务会促进企业对外直接投资,地方政府隐性债务所引致的土地价格扭曲是导致对外直接投资增加的真正原因,而融资能力在其中表现为“遮掩效应”。为深入评价地方政府隐性债务规模、理解企业对外直接投资影响因素提供了思路和证据。
Based on the perspectives of financing capacity and land price distortion,to explore whether the implicit debt of local governments will affect the outward foreign direct investment behavior of enterprises and what kind of influence path exists between the implicit debt of local governments and outward foreign direct investment.The study found that the implicit debt of local government will promote enterprises’outward foreign direct investment.The land prices distortion is the real cause of the increase in outward foreign direct investment,and the financing capacity is manifested as a“masking effect”.It provides ideas and evidence for in-depth evaluation of the scale of local government implicit debt and understanding of the influencing factors of enterprises’outward foreign direct investment.
出处
《投资研究》
CSSCI
北大核心
2023年第5期139-160,共22页
Review of Investment Studies
基金
湖南省社会科学成果评审委员会课题重大项目“湖南省地方债务风险化解与防范研究”(XSP20ZDA006)
湖南省教育厅科学研究项目重点项目“系统性风险防控下湖南省地方政府债务管控研究”(18A268)
关键词
地方政府隐性债务
对外直接投资
融资能力
土地价格扭曲
Implicit local government debt
Outward foreign direct investment
Financing capacity
Land price distortion
