土地财政、内生货币和企业融资成本——来自中国上市公司数据的验证

Land Finance, Endogenous Money and Corporate Financing Cost——Evidence from the Data of Chinese Listed Companies

中国产品市场和劳动力市场分割的研究很多,但是关于金融市场分割的证据研究相对缺少。本文利用2004—2016年的上市公司数据在地级以上城市层面构造面板计量模型,研究发现,土地财政依存度的增加降低了上市公司的融资成本,且在使用房地产限购政策作为外生冲击构造双重差分模型以及其他方法削弱内生性后发现结论依然成立。机制研究发现,土地财政通过区域存贷款规模、区域房地产价格、地方城投债规模等渠道影响企业融资成本。

There are many studies on the segmentation of China’s product market and labor market,but there is lack of evidence and researches on financial market segmentation.This paper used the data of the listed companies from 2004 to 2016 to construct a panel econometric model at the prefecture-level city level,and found that,the increase of land financial dependence had lowered the financing cost of listed companies.Then we used real estate purchase-limited policy as an exogenous shock to construct a Difference-in-Differences model and used several methods to weaken endogenous problem,and found that,the conclusion was still valid.Mechanism research found that,the influencing paths included regional deposit and loan scale,regional real estate prices and municipal investment bond.