首都经济贸易大学学报2025，Vol.27Issue(3)：69-84,16.DOI:10.13504/j.cnki.issn1008-2700.2025.03.005
土地财政、双重目标约束与制造企业创新意愿
Land Finance,Dual Objective Constraints,and Innovation Willingness of Manufacturing Enterprises
摘要
Abstract
In recent years,the core concern of local governments has been to safeguard fiscal revenue and lo-cal GDP.Land finance,as an important embodiment of the will of local governments,is bound to have an impor-tant impact on the innovative behavior of enterprises,and thus is closely related to their willingness to innovate. Based on this,the article takes the data of Chinese manufacturing listed companies from 2010 to 2022 as the research sample and empirically examines the specific impacts and mechanisms of local governments' land finance on manufacturing firms' willingness to innovate.It further considers the interactive impacts of the dual objective constraints on their relationship.First,the research hypotheses of this paper are introduced in the theoretical part.Moreover,in the empirical part,in addition to the benchmark regression,the robustness tests and endogeneity treatments,such as selecting appropriate instrumental variables and one-period lagged explanatory variables,substi-tuting explanatory variables,and rescreening samples,are carried out to strengthen the robustness of relevant con-clusions.Then,the transmission mechanism of land finance affecting firms' willingness to innovate is explored in terms of financing constraints and government investment bias.In addition,the interaction effects of land finance on manufacturing firms' willingness to innovate are explored in terms of economic growth target constraints and environ-mental regulation target constraints at both provincial and municipal levels.Finally,the heterogeneous effects of land finance on firms' willingness to innovate are explored at three levels:nature of firms,industry differences,and location of firms. The related conclusions are as follows.First,the long-term dependence of local governments on land finance significantly inhibits manufacturing firms' willingness to innovate.Second,the long-term dependence of local gov-ernments on land finance further reduces manufacturing firms' willingness to innovate by enhancing financing con-straints and government investment bias.Third,considering the interaction of dual-objective constraints,this article finds that economic growth objective constraints can further exacerbate the inhibitory effect of local governments' land finance dependence on the innovation willingness of manufacturing enterprises,while environmental regulation objective constraints can effectively mitigate the inhibitory effect.Fourth,the heterogeneity test reveals that the im-pact of local governments' land finance dependence on manufacturing firms' willingness to innovate is more signifi-cant in non-state-owned enterprises,technology-intensive enterprises,and those in the eastern region.This paper is of great practical significance for improving the governance system of"post-land finance",reforming the appraisal method of local officials,balancing the willingness of enterprises to innovate,and promoting high-quality economic development.关键词
土地财政/地方政府/创新意愿/融资约束/政府投资偏向/经济增长目标/环境规制目标Key words
land finance/local government/firms' willingness to innovate/financing constraints/government investment bias/economic growth objective/environmental regulation objective分类
管理科学引用本文复制引用
钟文,杨俊..土地财政、双重目标约束与制造企业创新意愿[J].首都经济贸易大学学报,2025,27(3):69-84,16.基金项目
国家社会科学基金重点项目"新基建促进区域协调发展的长效机制研究"(22AJY014) （22AJY014）
江西省教育厅科技项目"土地出让收益支持革命老区乡村振兴的效能及其提升机制研究"(GJJ2200832) （GJJ2200832）
