城投债发行对我国城乡收人差距的影响

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中图分类号：F81 文献标志码： A

The lmpact of Municipal Bond Issuance on the Urban-Rural Income Gap in China

XIA Siyuan（Antai Colege of Economics and Management， Shanghai JiaoTong University， Shanghai 2Ooo3O， China）

Abstract： As a key financing tool under the“soft budget constraint” of local governments，municipal bonds have played an important role in supporting economic development and urban construction in China.However，their rapid expansion has also given rise to potential effects on income distribution. This paper investigates the impact of municipal bond issuance on the urban-rural income gap and its underlying mechanisms，using panel data from 28 provincial-level regions in China between 2Ol2 and 2023. The results show that municipal bonds significantly widen the urban-rural income gap，with a lagged effect.Mechanism analysis further suggests that bond issuance raises housing prices and the price-to-income ratio，though only the later significantly contributes to the widening gap.While municipal bonds help improve basic education quality，they also intensify the concentration of educational resources in urban areas.Additionally，bond issuance reduces public spending in rural areas，further exacerbating income inequality between urban and rural populations.

Key words： municipal bonds; urban-rural income gap; local government behavior

1理论分析与假设提出

1.1城投债发行对城乡收入差距的影响

一方面，作为地方财政的重要补充，城投债在推动城市基础设施建设和城市化进程中发挥了积极作用，有助于吸纳更多就业（Yanetal.，2O21）[5]，进而可能缩小城乡收入差距（陈煜、张杰瑶，2021）[6]。（剩余9200字）