治理转型视域:城投债扩张与企业杠杆率

From the Perspective of Governance Transformation:Urban Investment Bond Expansion and Enterprise Leverage Ratio

选取2009—2018年的城投债和非金融企业微观财务数据,基于债务治理转型视角,采用双向固定效应模型和广义倍差法量化评估城投债扩张对非金融企业杠杆率的影响。研究发现:治理转型前,具有隐性担保属性的城投债通过“资金组合效应”提高了非金融企业的融资约束,降低了企业杠杆率;治理转型后,城投债扩张对非金融企业融资的影响机制失去效力。异质性分析表明:治理转型的影响主要集中在非国有企业和中小型企业,对负债期限和杠杆类型的影响则不存在显著差异。效应评估结果显示:治理转型对非国有企业短期融资、国有企业长期融资和借贷融资渠道的治理效应更为显著。

Based on urban investment bonds and the micro financial data of non-financial enterprises from 2009 to 2018,and by using two-way fixed effects model and generalized difference-in-differences,this paper quantitatively evaluates the impact of urban investment bond expansion on the leverage ratio of non-financial enterprises from the perspective of debt governance transformation.The results show that before the governance transformation,urban investment bonds with implicit guarantee attribute improved the financing constraints of non-financial enterprises and reduced the leverage ratio of enterprises through“fund portfolio effect”.After the governance transformation,the influential mechanism of urban investment bond expansion on the financing of non-financial enterprises loses its effectiveness.Heterogeneity analysis shows that the impact of governance transformation is mainly concentrated in non-state-owned enterprises and small and medium-sized enterprises,while there is no significant difference in the impact of debt maturity and leverage type.Effect evaluation results show that governance transformation has a more significant governance effect on the short-term financing of non-state-owned enterprises,long-term financing of state-owned enterprises and the governance effect of loan financing channels.