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Local government debt quota management and key digital technology innovation of specialized, refined, characteristic, and innovative (SRCI) enterprises

Author

Listed:
  • Yue, Dazhi
  • Zhao, Kai
  • Liu, Jing
  • Chen, Xiaohe

Abstract

Based on multi-source data of Chinese Specialized, Refined, Characteristic, and Innovative (SRCI) enterprises from 2014 to 2022, this paper constructs a unified analytical framework and systematically examines the impact, transmission channels, heterogeneous characteristics and boundary conditions of debt quota management on SRCI enterprises' key digital technology innovation. The results show that: (1) Local government debt quota management exerts a significant promotional effect on SRCI enterprises' key digital technology innovation. (2) The innovation empowerment effect is realized through four transmission channels: reducing local governments' dependence on higher-level fiscal resources, improving the regional legal institutional environment, promoting the development of regional digital finance, and raising SRCI enterprises' demand for digital human resources. (3) The promotional effect presents obvious heterogeneity: general bonds have a significantly stronger innovation-driven effect than special bonds, and SRCI enterprises with high technological maturity are more able to efficiently benefit from debt quota management. (4) Debt quota management not only drives the expansion of SRCI enterprises’ key digital technology innovation quantity, but also significantly improves innovation quality by increasing patent forward citations, the output and relative share of invention patents; however, this positive effect is constrained by fiscal conditions and can only be fully exerted in regions with a low degree of vertical fiscal imbalance.

Suggested Citation

  • Yue, Dazhi & Zhao, Kai & Liu, Jing & Chen, Xiaohe, 2026. "Local government debt quota management and key digital technology innovation of specialized, refined, characteristic, and innovative (SRCI) enterprises," International Review of Economics & Finance, Elsevier, vol. 109(C).
    • Handle: RePEc:eee:reveco:v:109:y:2026:i:c:s1059056026005253
    DOI: 10.1016/j.iref.2026.105412
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    JEL classification:

    • D43 - Microeconomics - - Market Structure, Pricing, and Design - - - Oligopoly and Other Forms of Market Imperfection
    • H74 - Public Economics - - State and Local Government; Intergovernmental Relations - - - State and Local Borrowing
    • O31 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Innovation and Invention: Processes and Incentives

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