地方政府举债对上市公司债务资本成本的影响

The impact of local government debt on the cost of listed companies debt

基于"资产组合效应",选取2009—2017年沪深A股上市公司作为研究对象,从城投债视角考察了地方政府举债对本地区上市公司债务资本成本的影响。研究发现:地方政府举债推高了当地上市公司债务资本成本;地区国有上市公司债务与地方政府债务具有更强的替代性,受地方政府举债影响更明显;与地方国有上市公司相比,中央国有上市公司受地方政府举债的影响更大,承担了更高的债务资本成本。因而,地方政府需统筹考虑地区企业融资、合理、科学举债,营造良好的融资环境、创新债务融资方式;国有上市公司应关注地方政府举债,做好应对措施。

Based on the "portfolio effect", this paper selects the listed companies in Shanghai Stock Exchange and Shenzhen Stock Exchange from 2009 to 2017 as the research object and investigates the impact of local government debt on the cost of listed companies debt from the perspective of urban construction investment bonds. The results show that:(1) local government debt has increased the cost of local listed companies debt;(2) regional state-owned companies debt and local government debt have stronger substitution, and the impact of local government debt is more obvious;(3)compared with local state-owned listed companies, central state-owned listed companies are more affected by local government debt and bear higher cost of debt. Therefore, local governments need to take into account the financing of regional enterprises reasonably and scientifically.Local governments should create a good financing environment and innovate debt financing methods. State-owned listed companies should pay attention to local government debt and take countermeasures.