地方债务与企业绿色发展效率

摘要/Abstract

摘要： 统筹兼顾经济发展与环境保护，构建与高质量发展相适应的地方债务管理机制，是推进中国式现代化的内在要求。本文利用2008—2022年中国A股上市公司数据，运用多维固定效应模型，探讨地方债务对企业绿色发展效率的影响路径及其调节机制。研究发现，地方负债率提升显著抑制企业绿色发展效率，地方负债率每上升1个百分点，企业绿色发展效率平均下降0.169%，且该抑制效应对城投债负债率较高和土地财政依赖度高城市的企业，以及民营企业、技术密集型企业更加显著。机制分析表明，地方负债率提升通过信贷资源挤占、税费征管强化和绿色投资错配，加剧企业融资约束和税费成本负担，并削弱长期绿色创新动力，从而降低企业的绿色发展效率。进一步引入经济-环境双重政策的分析发现，弹性的经济增长目标与有力的环境监管将有助于改善地方负债率提升带来的负面影响。本文从绿色发展效率的视角丰富了地方债务对微观企业影响机制与后果的研究，为进一步深化地方债务管理体制改革和有效提升企业绿色发展效率提供理论依据与政策启示。

关键词: 地方债务, 绿色发展效率, 信贷挤占, 税费负担, 投资错配

Abstract: Balancing economic development and environmental protection and establishing a government debt management mechanism that aligns with high-quality development is an inherent requirement for advancing Chinese-style modernization. This paper uses data from Chinese A-share listed companies from 2008 to 2022 and employs a multi-dimensional fixed-effect model to explore the mechanism of how local debt influences the green development efficiency of enterprises. The research finds that an increase in the local debt ratio significantly suppresses the green development efficiency of enterprises. For every 1% increase in the local debt ratio, the average green development efficiency of enterprises decreases by 0.169%. Moreover, this inhibitory effect is more pronounced for enterprises in cities with higher local government bond debt ratios and higher reliance on land finance, as well as for private enterprises and technology-intensive enterprises. Mechanism analysis indicates that an increase in the local debt ratio intensifies financing constraints and tax and fee burdens on enterprises through the occupation of credit resources, strengthened tax and fee collection and management, and misallocation of green investment, thereby weakening long-term green innovation momentum and reducing the green development efficiency of enterprises. Further analysis incorporating dual economic and environmental policies reveals that flexible economic growth targets and strong environmental supervision can help mitigate the negative impacts of rising local debt ratios. This paper enriches the research on the mechanism and consequences of local debt influencing micro-enterprises from the perspective of green development efficiency, providing theoretical basis and policy implications for further deepening the reform of the local debt management system and effectively enhancing the green development efficiency of enterprises.

Key words: local debt, green development efficiency, credit crowding-out, tax and fee burden, investment misallocation

宿晓, 乔瑞云, 徐升艳, 吴越. 地方债务与企业绿色发展效率[J]. 管理评论, 2026, 38(7): 191-204.

Su Xiao, Qiao Ruiyun, Xu Shengyan, Wu Yue. Local Debt and Green Development Efficiency of Enterprises[J]. Management Review, 2026, 38(7): 191-204.

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