Understanding local government debt financing of infrastructure projects in China: Evidence based on accounting data from local government financing vehicles
Understanding local government debt financing of infrastructure projects in China: Evidence based on accounting data from local government financing vehicles
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了解中国基础设施项目的地方政府债务融资：基于地方政府融资平台会计数据的证据
DOI：
10.1016/j.landusepol.2023.106964
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发表时间：
2024
期刊：
影响因子：
7.1
通讯作者：
Bao H
中科院分区：
文献类型：
--
作者：
Bao H
本研究建立了一个分析框架，以考察中国地方政府基础设施融资债务发行、国家控制、土地财政和私营部门发展活动之间的复杂关系。利用地方政府融资平台的会计数据，我们发现地方政府正在创造性地工作，以满足中央政府下达的基础设施发展目标。此外，在2013/14年度对地方政府债务发行作出规定后，地方政府融资工具在其债务发行决定中对私营部门的发展活动作出了更积极的反应。通过模拟三种不同力量的影响，即，中央政府、地方政府和市场，在一个统一的框架下，我们的研究为中国基础设施融资如何运作提供了可靠的证据。本研究将土地融资的研究延伸至基础设施发展领域。研究结果也有助于研究中国土地租赁权制度下的土地利用政策，特别是不同的土地规划用途对基础设施建设的影响。
This study develops an analytical framework to investigate the complex relationship between local government debt issuing for infrastructure financing, state control, land finance, and development activities in the private sector in China. Using local government financing vehicles’ accounting data, we find that local governments are working creatively to meet infrastructure development targets handed down by the central government. Moreover, local government financing vehicles became more responsive to development activities from the private sector in their debt-issuing decisions after the regulations of local government debt issuing in 2013/14. By modelling the effect of three distinct forces, i.e., the central government, local governments, and the market, in one unified framework, our study provides reliable evidence of how infrastructure financing works in China. Our research extends the studies of land finance into the infrastructure development domain. The findings are also helpful for studies on China's land use policy under its leasehold land right system, particularly the impacts of different land planning uses on infrastructure development.