Based on the realistic background of the expanding scale of implicit liabilities of local governments,a cross-sample of pro-vincial panel data and listed companies in the manufacturing industry of the prefecture from 2012 to 2022 is used to discuss the relation-ship between the impact of implicit liabilities of local governments on corporate innovation.The study shows that implicit liabilities of local governments have a significant inhibitory effect on corporate innovation;in this case,financial mismatch plays an intermediary effect,i.e.,implicate liabilities of local governments exacerbate enterprises'financial mismatch,which in turn inhibits enterprise inno-vation.The conclusions in this paper not only provides a theoretical basis for the governance of implicate liabilities of local govern-ments,but also provides inspiration for improving the governmental environment for corporate innovation.
关键词
地方政府隐性负债/企业创新/金融错配
Key words
implicit liabilities of local governments/corporate innovation/financial mismatch
万方数据