地方政府借债与地区企业融资约束差距

Local Government Debt and Financing Constraint Gaps

本文研究了地方政府借债行为对企业信贷环境的影响。以我国2007-2010年的A股上市公司为样本,检验地方政府借债积极性与该地区企业面临融资约束的关联。实证结果发现,在政府借债越多的地区,企业融资约束越大;民营企业受到的融资约束普遍高于国有企业;政府借债程度越大,民营企业与国有企业在融资约束上的差距也越大。实证结果表明地方政府的借债行为实际上增大了当地企业的融资难度,迫使企业基于融资约束持有更多现金。

This paper investigates the impact of local government debt on enterprise credit conditions. We take 2007-2010 A-share listed companies in our country as a sample, focusing on the relevance of local government debt and financing con- straints that Chinese listed companies face. Empirical results found that in provinces where the government borrowing more, fi- nancing constraints for companies are larger; And for Private Enterprises, they are generally higher than State-Owned Enterprises; The greater the government debt, the greater the gap of Private Enterprises and State-Owned Enterprises on financing constraints. These results reveal that local governments＂ borrowing behaviors, in fact, increased financing difficulty of local enterprises, and forced them to hold more cash based on the financing constraints.