5095 
4257地方隐性债务的无序扩张会削弱中国经济的长期发展动能。面对隐性债务规模的不断膨胀和企业研发活动增速的下降，很多经济观察者产生了这样的疑问，过高的地方债务水平是否会抑制微观企业的创新？ 这一影响的潜在作用机制是什么？文章基于2008年至2017年非金融业上市公司数据和手工搜集的地方政府隐性债务数据，考察地方政府隐性债务水平对微观企业研发活动的影响。实证结果显示，较高的城市隐性债务水平抑制了当地企业的专利申请数量，但对研发投入的影响不确定，这表明隐性债务水平降低了企业的创新效率。机制分析显示，政府（研发）补贴和长期外部信贷的减少是 “抑制作用”产生的潜在机制。最后，文章还对实证结果进行了异质性分析和稳健性检验。文章的研究对深入理解地方政府隐性债务对实体经济的影响具有一定现实意义。
地方政府隐性债务与企业研发——来自中国非金融上市公司的证据
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引用本文
张路, 尹志超, 王姝勋. 地方政府隐性债务与企业研发——来自中国非金融上市公司的证据[J]. 财经研究, 2021, 47(4): 94-107.
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