地方政府债务、金融营商环境与实体企业融资约束

Local Government Debt,Financial Business Environment and Financing Constraints of Entity Companies

文章基于“财政金融关联”视角,利用2015至2020年省级层面的面板数据,实证检验了地方政府债务、金融营商环境与实体企业融资约束三者间的作用效果。研究结果表明:地方政府债务与企业融资约束存在正向推高关系,而良好的金融营商环境对实体企业融资约束存在负向抑制关系;异质性检验显示,地方政府债务对民营实体企业、中西部实体企业融资约束的推高作用更强;交互效应结果显示,金融营商环境的优化能有效缓解地方政府债务对实体企业融资约束的推高作用。因此,提出改善地区金融营商环境、对差异化企业性质实施优惠帮扶政策以及严控地方政府隐性债务增量是缓解实体企业融资困境,促进地区经济平稳发展的重要措施。

Based on the perspective of"fiscal-financial linkages",this article uses provincial panel data from 2015 to 2020 to empirically test the effects of local government debt,the financial business environment,and the financing constraints of entities.The research results show that there is a positive relationship between local government debt and corporate financing constraints,while a good financial business environment has a negative relationship to corporate financing constraints;the heterogeneity test shows that local government debt has a positive impact on private entities.The promotion of financing constraints of entity enterprises in the central and western regions is stronger;the results of the interaction effect show that the optimization of the financial business environment can effectively alleviate the push-up effect of local government debt on the financing constraints of entity enterprises.Therefore,improving the regional financial business environment,implementing preferential assistance policies for differentiated enterprises,and strictly controlling the increase in hidden debt of local governments are important measures to alleviate the financing difficulties of entity enterprises and promote the stable development of the regional economy.