How Does Local Government Debt Impact the Location Choices of Industrial Enterprises:An Analysis Based on the Dual Perspectives of Enterprise Innovation and Government Credit
The level of local government debt is not only related to the healthy development of local government finances,but also affects corporate investment decisions.Focusing on the dual perspectives of corporate innovation and government credit,and based on the panel data of 284 prefecture-level cities in China from 2013 to 2022,this study used the panel regression model and the mediation effect model to identify the impact of local government debt levels on the location selection of industrial enterprises and explore the specific mediation mechanism.The results showed that:(1)the level of local government debt has a significant negative impact on the location choice of industrial enterprises and has a certain lagging effect;(2)the level of enterprise innovation and government credit both play a partial intermediary role in the impact mechanism;(3)for cities in different regions and with different levels of fiscal self-sufficiency or different types of debt structures,the level of local government debt has a significant heterogeneous impact on the location choices of industrial enterprises.The above results remain robust after a series of robustness tests such as adjusting the explanatory variables,changing the measurement standards of the explained variables,and testing the threshold effect.Correspondingly,the following policy suggestions are put forward:change the mindset of urban development and build a new relationship between the government and enterprises and so on.
Local government debtLocation choiceCorporate innovationGovernment creditSus-tainable development
万方数据
