Research On The Impact Of Local Government Debt On Regional Innovation Efficiency

In the era of knowledge economy,innovation is the source of economic growth and the first driving force of high-quality development.Innovation ability is the core element of regional competition and the key to high-quality development of regional economy.As China's economy enters the stage of "new normal" development,the traditional "factor driven" development mode is no longer sustainable.How to promote high-quality development driven by "innovation" is the focus of current economic work in all regions.In recent years,in the process of building an innovative country,the central government attaches great importance to the important role of scientific and technological innovation,and local governments have also increased input in human,financial and material innovation.However,there are still some problems in China's regional innovation activities,such as misallocation of innovation resources,unbalanced distribution of innovation elements,and too much emphasis on the quantity index of innovation output.In essence,the innovation capability of a region is determined by innovation efficiency,which can better reflect the innovation capability and level of the region.The report to the 19 th NATIONAL Congress of the CPC pointed out that innovation is the strategic support for building a modernized economy,and we should speed up efforts to make China an innovation-oriented country and rank among the leading innovation-oriented countries.In the process of building an innovation-oriented country,we should not only pay attention to the total input and output of innovation resources,but also pay attention to the efficiency,especially under the condition of tight balance of finance at all levels and relatively insufficient scientific and technological innovation resources,innovation efficiency becomes more important.In order to realize the "systematic leap" of scientific and technological innovation capability,we should not only increase innovation input,but also pay attention to the improvement of regional innovation efficiency.And suffers from the co-existence of the economic development of our country,also is the social from all walks of life pay close attention to local government debt problem,it has become affect China's economic health and safe operation of a major issue,especially in the implementation of active fiscal policy,in realizing the goal of "steady growth" at the same time bring the excessive expansion of local government debt scale.In the face of the impact of COVID-19,the issuance of special bonds(3.75 trillion yuan)has not only helped the resumption of work and production,but also made the scale of local government debt reach a record high.The impact of local government debt on economic and social development should not be underestimated.Using local government debt can not only promote regional economic development,but also affect the innovation environment,and then affect the innovation efficiency of a region,and ultimately determine the level of regional innovation ability.The innovation level of a region is closely related to local government behavior,but empirical research that link local government debt and regional innovation efficiency through combing existing literature are very limited.In this context,this paper focuses on the relationship between local government debt and regional innovation efficiency.In the context of Innovation-driven implementation in China,is local government debt conducive to the improvement of regional innovation efficiency? Is there a spatial correlation between regional innovation efficiency and does the regression model of local government debt influence regional innovation efficiency need to adopt a spatial econometric model? If local government debt can promote regional innovation efficiency,will the expansion of local government debt also have a negative impact on regional innovation efficiency? Is there a significant debt threshold? This paper will try to answer the above questions in order to provide some experience for the adjustment of local government debt policy and regional innovation policy.This paper considers local government debt as an important factor affecting regional innovation efficiency and investigates whether and how local government debt affects regional innovation efficiency.Around“the local government debt affect the efficiency of regional innovation mechanism”,“local government debt on the regional innovation efficiency of nonlinear effect and the regional heterogeneity”,“the impact of local government debt on regional innovation efficiency of spatial spillover effect”,“local government debt panel threshold effect”of the impact of regional innovation efficiency,such as four questions.By analyzing the internal mechanism of changes in local government debt and regional innovation efficiency,and using panel fixed effect model,spatial lag model,spatial error model,spatial Durbin model and threshold effect model based on provincial panel data from 2009 to2018,the empirical test of relevant hypotheses was carried out.Identify the total effect,spatial effect,threshold effect and the degree of impact of local government debt on regional innovation efficiency.The possible contribution of this research is mainly reflected in :(1)from the perspective of fiscal policy,the influence mechanism of local government debt on regional innovation efficiency is clarified.At the national level,the debt space spillover caused by debt competition among local governments affects each other's regional innovation efficiency.(2)The spatial factors were integrated into the analysis of spillover effects of local government debt on regional innovation efficiency,and the spatial econometric model was used to conduct empirical tests,effectively correcting the estimation bias caused by OLS method.In the process of empirical analysis,the spatial correlation is emphasized as the most important part of the spillover effect of local government debt on regional innovation efficiency,and the spatial autocorrelation between government debt and regional innovation is tested to accurately grasp the spatial characteristics of spillover of local government debt and regional innovation efficiency.(3)using panel threshold model of local government debt on the regional innovation efficiency of nonlinear effect mechanism,the regional innovation efficiency of local government debt is verified again spillover effects of inverted U hypothesis,beyond the previous research of a simple linear relationship between the two,more in-depth analysis of the local government debt on the regional innovation efficiency of nonlinear mechanism.The main body of this paper is divided into three levels,according to the logic of theoretical analysis-empirical test-policy enlightenment.The specific structure is as follows: The first level is the theoretical research part,which aims to analyze the theoretical mechanism of local government debt affecting regional innovation efficiency and build a research framework.This part is composed of chapters 1 to 4.The first chapter introduces the background and research significance of the topic,expounds the main research content and related concepts;In chapter 2,relevant theories and literature review on the relationship between local government debt and regional innovation and regional innovation efficiency are sorted out,which provides theoretical support and research inspiration for the empirical analysis in the following part of this paper,in order to recognize the current situation and limitations of existing research on local government debt and innovation efficiency.Chapter three discusses the current situation and historical evolution of local government debt in China.Chapter four is the mechanism of local government debt and regional innovation efficiency.Combined with the source,investment direction and repayment of local government debt,on the basis of theoretical analysis,from the regional innovation environment to improve the effect and promotion effect of human capital,innovation investment and financing crowding out and debt dependence and pressure crowding out four aspects of local government debt affect regional innovation efficiency through theoretical analysis,the mechanism of action and research hypotheses are put forward.The second level is the empirical research,which aims to empirically test the effect of local government debt on regional innovation technology efficiency by applying the research framework of regional innovation efficiency and local government debt integration,including Chapter 5,Chapter 6,Chapter 7 and Chapter 8.Chapter five: The measurement and spatial evolution of regional innovation efficiency in China.This paper analyzes the basic connotation of regional innovation efficiency and introduces two common methods in efficiency research.On this basis,a measurement model of regional innovation efficiency is established,and the innovation efficiency theory and SFA method are used to measure China's regional innovation efficiency during the sample period,and its spatial evolution characteristics are analyzed.Chapter six examines the total effect of local government debt and regional innovation efficiency.Based on the different scale of provincial government debt,the direct effect of local government debt on regional innovation efficiency is researched.The static panel model is used to test whether there is non-linear or inverted U-shaped relationship between local government debt and regional innovation efficiency.Chapter 7 uses spatial econometric model to analyze the spatial spillover effect of local government debt on innovation efficiency and empirically test the difference between different regions.In chapter 8,the panel threshold data model is used to test the nonlinear influence mechanism of local government debt on regional innovation efficiency and to empirically test whether there are differences in thresholds among different regions.The third level is the research conclusion and policy enlightenment,including the ninth chapter,based on the combination of theory and empirical research,on the basis of a comprehensive summary of all the research of the whole paper,Draw the conclusion of the whole paper.Then,according to the empirical conclusion,the paper puts forward the policy enlightenment of strengthening the control of the total amount of local government debt and how to adjust its use and expenditure direction to improve the regional innovation efficiency.At the end of the paper,the following research assumptions are put forward in view of the limitations of the research.Based on empirical tests,this paper draws the following conclusions :(1)there is an inverted u-shaped relationship between local government debt and regional innovation efficiency,that is,the impact of local government debt on regional innovation efficiency is "too much of a good thing";(2)There is significant positive spatial autocorrelation between regional innovation efficiency.Local government debt has a significant spatial spillover effect on regional innovation efficiency,that is to say,local government debt not only has an impact on local innovation efficiency,but also has a significant spatial spillover effect on the innovation efficiency of neighboring regions.(3)The impact of local government debt on regional innovation efficiency has an obvious single threshold effect,that is,when the scale of local government debt does not reach the corresponding threshold value,local government debt has a positive impact on regional innovation efficiency;Once the local government debt exceeds the threshold value,the local government debt will negatively inhibit the regional innovation efficiency.(4)In terms of regional heterogeneity,local government debt has an inverted U-shaped effect on regional innovation efficiency as a whole;At the regional level,after the critical point is exceeded,the inhibition effect of local government debt in central and western regions is significant,while the inhibition effect in eastern regions is not significant,which has also been verified in the threshold effect.In conclusion,this paper research local government debt through regional innovation environment impact on the efficiency of regional innovation effect,the reasonable use of local government debt,optimize expenditure structure,the control of local government debt debt scale and improving the " innovative and entrepreneurial " environment,regional innovation efficiency,promote economic development to a higher quality has important practical significance.