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采用我国2004-2014年省级面板数据,计量检验金融生态、信贷资金配置对财政可持续性的影响。研究结果表明,从信贷资金配置的期限结构来看,短期信贷资金配置不利于改善财政可持续性,长期信贷资金配置、票据融资有利于财政可持续性的提高。从信贷资金配置种类的结构来看,房地产业信贷资金配置对改善财政可持续性具有正向影响,建筑业信贷资金配置对财政可持续性影响不大。
Using the data of provincial panel in China from 2004 to 2014, the paper examines the impact of financial ecology and credit capital allocation on financial sustainability. The results show that, from the term structure of credit funds allocation, short-term credit capital allocation is not conducive to improving financial sustainability, long-term credit capital allocation, bill financing is conducive to the improvement of financial sustainability. From the perspective of the structure of the types of credit funds allocated, the allocation of credit facilities in the real estate industry has a positive impact on improving the financial sustainability. The allocation of credit facilities in the construction industry has little effect on the financial sustainability.