A Study On The Factors Influencing The Efficiency Of Local Government Debt Fund Utilization In The Core Urban Agglomeration Of The Yangtze River Delta

Local debt analysis has been a key area of in-depth research by scholars at home and abroad,and research on the influence mechanism between economic growth and local debt is in full swing.Local debt plays an important role in regional economic development,but as the scale of local debt expands,government credit risk also increases.Therefore,improving the efficiency of capital use and reducing credit risk are urgent problems for local governments.although the Yangtze River Delta region has only 2.2% of the national land area,it bears nearly a quarter of China’s industrial added value and total economic volume,and the Yangtze River Delta region is in the stage of transformation of old and new dynamics and industrial structure adjustment.in 2021,the GDP of the Yangtze River Delta region accounts for about 24.13% of the national GDP,but different The economic development is uneven between cities.Shanghai is about 3.78%,Jiangsu is about 10.17%,Zhejiang is about 6.43%,and Anhui is about 3.76%.This paper analyzes the scale and efficiency of government debt of 27 core city groups in the Yangtze River Delta;and examines the factors affecting debt efficiency,based on which reasonable suggestions are put forward,which are of positive significance to prevent and resolve local debt risks,narrow the gap between provincial economic development and ensure the continuous and stable operation of economic and financial order.To analyze the utilization of debt funds and the factors affecting the core group of cities in Yangtze River Delta,not only the scale and utilization of debt funds of different cities are needed,but also the influence of external environmental factors should be eliminated,so this paper chooses DEA model to measure the utilization rate of debt funds of 27 core city groups in Yangtze River Delta.Firstly,it systematically collates and summarizes relevant domestic and foreign literature to understand the relevant concepts,index selection,model application,influencing factors and policy recommendations of local debt funds;secondly,it composes the historical development of municipal government debt;analyzes the relevant theoretical foundation and current situation,and provides the theoretical basis for in-depth research.A three-stage DEA model is used to evaluate the debt fund efficiency of 27 core city groups in the Yangtze River Delta.The results show that there are obvious regional differences in the debt fund use efficiency in the core regions of the Yangtze River Delta,with lower debt fund use efficiency and lower debt fund use efficiency in Jiangsu and Zhejiang.The debt fund use efficiency in Anhui region is higher,followed by Shanghai.The second stage proves the existence of social factors that affect the efficiency value,so the third stage has significantly improved the efficiency after excluding the influence of economic,social and governmental factors in each region.Tobit model is again applied to analyze the factors affecting efficiency,and the empirical results show that in the Yangtze River Delta region,per capita gross regional product,population density,marketization index,residents’ education level,financial transparency,and financial autonomy are positively correlated with debt fund use efficiency,and urbanization level,population structure,government fixed asset investment level,and local government debt level per capita are positively correlated with debt fund use The level of urbanization,population structure,level of government fixed asset investment and local government debt per capita are negatively correlated with debt fund use efficiency.To sum up the analysis,it can be seen that the factors influencing the efficiency of debt fund use in the Yangtze River Delta region are: the market environment,the legal binding force of the new Budget Law,and the debt size limit.Finally,based on the results of theoretical and empirical analyses,we conclude the policy suggestions to improve the efficiency of local government debt use in China: strengthen the legal binding force of the new Budget Law,improve the management of local government debt limit,accelerate the reform of financial system,and improve the transparency of debt.