分权化改革、政府干预与国有企业债务融资

Reform of Decentralization,Government Intervention and Debt Financing of State-Owned Enterprises

债务融资一直是资本结构研究的重要内容。利用我国上市公司数据,采用规范研究和实证研究相结合的方法,对我国分权化改革和政府干预如何影响国有企业债务融资进行了分析。研究发现,企业所在地区的分权化程度越高,企业银行贷款率越高,政府干预对企业银行贷款影响越大。在考虑债务融资的性质差异基础上,进一步研究发现,企业所在地区的分权化程度越高,政府干预对长期借款的影响比短期借款大。上述研究说明,分权化改革影响着国有企业的债务融资行为,并使地方政府有很强的动机干预辖区内的国有企业债务融资行为。

Debt financing is an important aspect of capital structure. The paper studies how China＇ s reform of decentralization and government intervention affect the debt financing of state - owned enterprises through the method of combining normative research and empirical research with the help of China＇ s listed company data. The empirical results show that the reform of decentralization at the provincial level is positively related to bank credit and government has more effect on bank credit. On the base the difference of the debt financing, additional evidence finds that when the reform of decentralization is at the provincial level, government has more effect on long - term loans than short - term loans. The results show that reform of decentralization affects the debt financing of State - Owned Enterprise, and the local government has strong incentives and power to compel commercial banks to provide state - owned enterprises with favorable bank credit.