地方政府债务与企业专业化分工:基于微观视角的理论与实证分析

Local Government Debt and Specialization of Firms:Theoretical and Empirical Analysis Based on Microscopic Perspective

作为产品内贸易的主要实现形式,专业化分工是企业参与“双循环”的重要微观基础。中国信贷市场的“地理分割”容易使地方政府债务阻碍企业的标准化融资,进而对企业专业化分工造成不利影响,但仅从标准化融资视角出发可能会忽略供应链融资的重要影响。本文基于标准化融资和供应链融资的双重视角,发现在理论上地方政府债务扩张既可能阻碍企业标准化融资、抑制专业化分工,也可能激活企业供应链融资、促进专业化分工。本文的实证结果表明样本期内地方政府债务扩张抑制了企业专业化分工。影响机制检验证实了标准化融资渠道和供应链融资渠道并存,但过高的前期成本导致供应链融资渠道受阻。本文研究表明降低前期成本是有效解决地方政府债务扩张抑制企业专业化分工问题的重要思路。

As the main form of intra-product trade,specialization is an important micro basis for firms to participate in the double cycle.The“geographical segmentation”of China’s credit market makes it easy for local government debt to hinder standardized financing of enterprises and thus hinder the specialization,but the single perspective of standardized financing ignores the important impact of supply chain financing.Based on the dual perspectives of standardized financing and supply chain financing,this paper fully considers that local government debt may not only hinder firms’standardized financing to inhibit specialization,but also activate firms’supply chain financing to stimulate specialization.The empirical results of this paper show that local government debt inhibits the specialization.The impact mechanism test confirms the coexistence of standardized financing and supply chain financing,but the high upfront cost leads to the obstruction of supply chain financing channels.This paper shows that reducing the upfront cost is an important way to effectively solve the problem of local government debt hindering the specialization.