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

摘要：

基于中国地级及以上城市面板数据, 研究重大事件对城市投资、债务性融资和土地开发的影响。研究结果表明, 举办国际性重大事件对城市投资具有显著的抑制作用, 原因是为了提高城市形象, 地方政府致力于改善城市环境, 对污染企业限制导致的投资减小大于重大事件所吸引的投资; 相反, 区域性重大事件对城市吸引投资具有显著的正向影响, 与城市形象相比, 地方政府更关注城市投资和经济发展; 国际性和全国性重大事件对发行城投债和进行土地抵押贷款具有显著的正向影响, 有助于地方政府融资, 突破财政约束; 国际性重大事件有助于土地开发, 以期获得更多的土地财政收入, 维系地方债务。

关键词: 重大事件, 地方政府, 城市投资, 债务性融资, 土地开发