Full
Outline
Clarifying the dynamic relationship between local finance and the real economy is an important prerequisite for preventing and resolving macro debt risks. Using government debt data at the city level from 2015 to 2023, the impact of local government debt on cross-regional investment by listed companies and its underlying mechanisms were empirically examined. The results showed that the growth of local government debt significantly suppressed the behavior of enterprises investing in other places. Two distinct mechanisms are identified: "crowding out" and "pulling". On the one hand, local government debt weakens the ability of enterprises to invest in other places through the crowding out of financial resources, resulting in a "crowding out effect" of investing in other places. On the other hand, local government debt enhances the local development stickiness of enterprises through infrastructure construction, generating a "pull effect" on local investment. Heterogeneity analysis found that the inhibitory effect of local government debt on enterprises' out of town investment is more significant in samples of state-owned enterprises, manufacturing industries, and cities registered in the second tier or below. Based on these findings, a theoretical foundation and policy insights are provided for mitigating local debt risks, facilitating internal economic circulation, and advancing the establishment of a new development framework.
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| 科 Family | 属数 Number of genus | 种数 Number of species | 占总种数比例 Percentage of total species (%) | 属 Genus | 种数 Number of species | 占总种数比例 Percentage of total species (%) |
|---|---|---|---|---|---|---|
| 鹅膏菌科Amanitaceae | 2 | 11 | 5.26 | 鹅膏菌属 Amanita | 10 | 4.78 |
| 小菇科 Mycenaceae | 2 | 12 | 5.74 | 丝盖伞属 Inocybe | 5 | 2.39 |
| 多孔菌科 Polyporaceae | 8 | 14 | 6.70 | 蜡蘑属 Laccaria | 5 | 2.39 |
| 红菇科 Russulaceae | 3 | 23 | 11.00 | 小皮伞属 Marasmius | 6 | 2.87 |
| 小菇属 Mycena | 11 | 5.26 | ||||
| 光柄菇属 Pluteus | 5 | 2.39 | ||||
| 红菇属 Russula | 17 | 8.13 | ||||
| 栓菌属 Trametes | 5 | 2.39 |
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