地方政府债务、融资约束与企业成长——基于制造业上市企业的实证研究

Local Government Debt,Financing Constraints and Enterprise Growth——An Empirical Study of Manufacturing Listed Companies

近年来,地方政府债务逐渐从促进国家经济发展的推动器转为困扰经济持续健康发展的突出问题。虽然关于政府债务与经济发展的关系研究已经得到许多学者的关注,但企业作为宏观经济的微观承担者,是否也受到政府举债行为影响的研究尚有不足。本文对2008~2018年制造业板块的上市公司的研究表明,地方政府债务与企业成长性之间存在“倒U型”关系;企业融资约束对地方政府债务与企业成长的倒U型关系具有部分中介效应。进一步分类检验发现,这一影响在低市场化水平地区和国有企业中表现更为明显。探究地方政府债务对微观企业成长的影响及其作用机制,对于理清政府经济行为在微观层面上所起的作用具有重要意义。

Local government debt has gradually changed from a driver of national economic development to a prominent prob⁃lem that plagues the sustainable and healthy development of the economy.But the research on whether enterprises,as micro under⁃takers of macro-economy,are also affected by the government's borrowing behavior is still insufficient.Research on Listed Compa⁃nies in manufacturing sector from 2008 to 2018 shows that there is an inverted U-shaped relationship between local government debt and corporate growth,and that corporate financing constraints play a partial mediating effect on them.Further classification test shows that this effect is more obvious in low market level areas and state-owned enterprises.It is of great significance to explore the impact of local government debt on the growth of micro enterprises and its mechanism,so as to clarify the role of government eco⁃nomic behavior on the micro level.