Research on the Green Innovation Effect of Local Government Special Bonds in Attracting Investment
Leveraging the green innovation effect of special bond investment is an important aspect of improving the performance of special bonds and enhancing effective domestic demand.This article constructs a local government special bond investment de-cision model that includes external behavior of enterprises,in order to determine the role of special bond investment and its green innovation effect.Based on provincial-level special bond data from 2015 to 2021 and matched with micro data of A-share lis-ted companies,the green innovation effect of special bond investment is examined through green patent applications.Research has found that local government special bonds significantly promote an increase in the number of listed companies in various re-gions,but also significantly suppress the number of green patent applications of listed companies.This reveals that in the process of vigorously striving for special bonds to attract social investment,various regions have neglected performance issues such as the ecological benefits of special bond funds.Further analysis reveals that weak local fiscal autonomy,strong government environ-mental regulations,and strict performance management of special bonds will significantly enhance the green innovation effect of special bond investment while moderately controlling the scale of special bond investment.Against the backdrop of this year's Central Economic Work Conference proposing to"moderately increase fiscal policy"and"improve quality and efficiency",the research findings of this article will provide reference for how to improve the efficiency of special bond utilization.
special bondsinvestment attractiongreen innovationexternalities
万方数据
维普
