地方政府债务对企业融资规模的挤出效应

The Crowding out Effect of Local Government Debt on the Financing Scale of Enterprises

地方政府债务扩张对企业融资的影响是近年来学术界的热点问题,主要表现为对企业融资的挤出效应,对于不同的企业性质而言,这种影响存在差异。基于2015—2019年城投债和地方政府债券数据进行实证研究,结果显示:非国有企业融资受到来自地方政府债务扩张的挤出影响较大,国有企业所受到的影响较小;企业杠杆率具有门槛效应且存在区域异质性,杠杆率位于不同区间时,地方政府债务对企业融资规模的影响也不同。因此,地方政府需要规范融资行为,企业也要控制自身的杠杆率,共同防范化解潜在金融风险。

The issue of the impact of local government debt expansion on corporate financing has been a hot topic in academic circles in recent years,mainly manifested as the crowding out effect on corporate financing,which varies depending on the nature of the enterprise.Based on the empirical data of urban investment bonds and local government bonds from 2015 to 2019,research shows that non-state-owned enterprise financing is more affected by the crowding out of local government debt expansion,while state-owned enterprises are less affected.The leverage ratio of enterprises has both threshold effect and regional heterogeneity.When the leverage ratio is located in different intervals,the impact of local government debt on the financing scale of enterprises is also different.Therefore,the government needs to regulate local government financing behavior,and enterprises should also control their leverage ratio to jointly prevent and resolve potential financial risks.