Acta Scientiarum Naturalium Universitatis Pekinensis ›› 2018, Vol. 54 ›› Issue (2): 451-458.doi: 10.13209/j.0479-8023.2017.124

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Impacts of Mega-Events on City Investment and Financing: An Empirical Analysis of Panel Data from Municipal-Level Cities

KONG Yinghui1,2, HE Canfei1,2,†, LIN Chusheng3   

  1. 1. College of Urban and Environmental Sciences, Peking University, Beijng 100871
    2. Peking University-Lincoln Institute Center for Urban Development and Land Policy, Beijing 100871
    3. Department of Geography, The University of Hong Kong, Hong Kong

  • Received:2016-12-23 Revised:2017-03-28 Published:2018-03-20

Abstract:

The authors adopt panel data from municipal-level cities in China to examine the impacts of holding mega-events on city investment, debt financing and land development. The results indicate that the inhibit effects of holding internationally-influential mega-events on city investment is greater than its promote effects because local governments are devoted to improving city environment in order to enhance city image, so that the decrease of investment resulting from their restrictions on polluting enterprises and high-pollution projects is greater than the increase of investment which mega-events attract. In addition, internationally-influential mega-events and nationally-influential mega-events have significantly positive effects on issuing Quasi-municipal Bond and mortgaging land, helping to break the local government fiscal restraint. Regionally-influential mega-events have significantly positive effects on attracting city investment. Local governments may concern more about city investment and economic development than city image.

Key words: mega-events, local governments, city investment, debt financing, land development

CLC Number: 

  • K902