Research On The Impact Of LGFV Bonds On Financial Ecological Environment

This paper firstly composes the concepts and components related to urban investment bonds,introduces the development history and background of urban investment bonds in China according to the timeline vein,and systematically clarifies the current situation of urban investment bonds in China.Next,the concept of financial ecological environment is described,the components and evaluation mechanism of financial ecological environment are discussed and analyzed,and the entropy value method is used to construct the financial ecological environment index of 31 provinces in China from 2012 to 2021,and the importance of financial ecological environment improvement for local development is elaborated.Then secondly,we analyze the mechanism of urban investment debt level affecting the local financial ecological environment,and add the intermediate variable of social financing scale,and find that urban investment debt has a strong explanatory power in the construction of local financial ecological environment.Finally,using local government debt balances to replace the level of municipal investment debt issued by financing platforms,a full-sample threshold effect robustness test,as well as a sub-sample regression robustness test for eastern and central-western regions,is conducted,and the findings are consistent.The results show that: 1.the average score of financial ecological environment,Guangdong,Beijing,Shanghai,Jiangsu,and Zhejiang are among the top five in the country,and the distribution of financial ecological environment scores of 31 provinces in China still shows the situation of eastern region and central and western region.2.urban investment debt has a facilitating effect on the improvement of local financial ecological environment,which has a direct effect and an indirect effect with social financing The greater the level of urban investment debt,the greater the impact on the local financial environment.The greater the level of municipal investment debt,the greater the support to the financial ecological environment.3.There is a non-linear relationship between the municipal investment debt and the local financial ecology of each province in China,and there is a significant threshold effect of social financing scale between the two,and as the social financing scale crosses the threshold value one by one,the promotion effect of municipal investment debt on the local financial ecological environment gradually increases.4.There is a significant positive correlation,but the impact of the level of urban investment debt on the financial ecological environment in the eastern region is not significant,indicating that the effect of improving the financial ecological environment through the debt level of financing platforms in the eastern region is very limited.Based on the findings,this paper summarizes the following recommendations:1.improve the modern corporate governance system of financing platforms to enhance the effectiveness of internal governance.2.coordinate the common development among the economic base of the financial ecological environment,the financial system,government actions and social governance,and reasonably guide the investment of urban investment debt funds to promote the common improvement among the regional financial ecological environment.3.improve the financial ecological environment to ensure the coordinated development of financial subjects and coordinated development of the environment.The innovation of this paper is manifested in two aspects: First,the entropy value method is invoked to measure the financial ecological environment index of each province from 2012 to 2021,which enriches the index system of financial ecological environment.The second is the innovation of research perspective.This paper deeply investigates the intrinsic mechanism of the impact of local municipal investment debt on financial ecological environment,further introduces the intermediate variable of social financing scale,and focuses not only on the direct effect of municipal investment debt on financial ecological environment,but also considers the indirect effect through social financing scale.Third,this paper adopts a threshold effect model to measure the threshold value of municipal investment debt to promote the development of local financial ecological environment,which continues the research in the field of government-related debt and financial ecological environment.