地方政府债务对非国有企业投资效率的影响研究

A Research on the Influence of Local Government Debt on the Investment Efficiency of Non-State-Owned Enterprises

利用中国非国有上市企业和省级宏观层面匹配的数据为研究样本,分析了地方政府债务对非国有企业投资效率的影响机制。研究发现,地方政府债务规模扩张压缩了非国有企业的短期借款规模,加剧了非国有企业的融资约束,从而降低了非国有企业的投资效率,并主要表现为加剧非国有企业的投资不足程度。而且,地方政府举债对内部资金较缺乏的非国有企业投资效率负面影响更大。这一结论为地方政府债务影响地区经济增长质量提供了微观基础,同时也对当前中央政府严控地方政府债务增量提供理论和实证依据。因此,要限制地方政府隐性债务规模,优化地方政府债务融资结构,转变地方政府职能,重塑地方政府激励机制,以发挥地方政府在推动经济高质量发展中的积极作用。

By taking the data mat ching China’s non-state-owned listed enterprises and the provincial macro level as the research samples, this paper analyzes the impact mechanism of local government debt on the investment efficiency of non-state-owned enterprises. The findings show that the expansion of the size of local government debt has reduced the short-term borrowing scale of non-state-owned enterprises, which has intensified the financing constraints of non-state-owned enterprises, thereby reducing the investment efficiency of non-state-owned enterprises. This is mainly reflected in the intensified inadequate investment to the non-state-owned enterprises. Moreover, local government borrowing has a greater negative impact on the investment efficiency of the non-state-owned enterprises with inadequate internal capital. This conclusion provides a micro foundation for the influence of local government debt on the local economic growth quality;at the same time, it also provides theoretical and empirical evidences for the current central government to strictly control the local government debt increment. Therefore, it is necessary to limit the size of local government implicit debt, optimize the local government debt financing structure, transform local government functions, and reshape local government incentive mechanisms, so as to give an active play to the local governments in promoting high-quality economic development.