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. 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; † Corresponding author, E-mail: hecanfei@urban.pku.edu.cn

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

20 世纪 90 年代以来, 随着全球化进程的日益深化, 世界各地的城市面临着前所未有的激烈竞争,需要发掘并利用新的资源, 以增强竞争力。地方政

府越来越多地采取积极的战略来优化城市的发展环境, 通过类似于企业的运作方式来经营城市。在此背景下, 通过举办重大事件来提高城市的知名度,

国家自然科学基金杰出青年科学基金(41425001)资助收稿日期: 20161223; 修回日期: 20170328; 网络出版日期: 20170827