Local Government Debt Governance and New Quality Productive Forces in Private Enterprises:A Perspective on Key Digital Technological Breakthrough
Enhancing the breakthrough capability of key digital technologies in private enterprises is a crucial lever for accelerating the cultivation of new quality productive forces and achieving national self-reliance and self-strengthening in science and technology.This paper takes the reform of the local government debt management system as a quasi-natural experiment and employs difference-in-differences estimations to investigate its impact on the breakthrough of key digital technologies in private enterprises.The research finds that after the local government debt management system reform,the number of key technology patents in the digital field of private enterprises has significantly increased.This effect is particularly pronounced in regions with high fiscal pressure,low bank competition,high education investment,weak transportation infrastructure,and high-tech industries.The mechanism analysis documents that local government debt governance effectively stimulates the source of living water of key digital technological innovation.Specifically,the reform can effectively alleviate liquidity constraints and achieve breakthroughs in key digital technology through the effects of human capital,information resources,and digital strategies.Our study provides empirical evidence from micro-enterprises on the digital innovation effect of local government debt management system reform,offering theoretical support and valuable insights for firmly grasping the autonomy in developing the digital economy.
Local Government Debt GovernancePrivate EnterprisesKey Digital TechnologyNew Quality Productive Forces