政府采购能降低民营企业违约风险吗

Can Government Procurement Reduce the Default Risk of Private Enterprises

以2009—2020年沪深A股非ST民营上市公司为样本,探讨政府采购对企业违约风险的影响。研究发现,政府采购可有效降低民营企业违约风险。影响机理检验证实,政府采购可通过缓解企业融资约束和提升企业竞争力抑制违约风险。异质性分析发现,政府采购的效应差异与政府角色、采购行为、地区发展及企业自身特征的异质性有关,政府采购对企业违约风险的治理效应在政府单位层级和治理水平较高、异地采购和自行采购、地方债务规模较小和数字金融发展欠佳、中小型规模、处于成长期和市场地位低的民营企业中更加显著。

The research empirically explored the relationship between government procurement and enterprise default risk by setting A-share listed non-ST private companies in Shanghai and Shenzhen from 2009 to 2020 as the sample.The study found that,government procurement could effectively reduce the default risk of private enterprises.Influencing mechanism test proved that,the channels of this inhibitory effect included easing enterprise financing constraints and enhancing enterprise competitiveness.Heterogeneity analysis revealed that,the effect of government procurement was closely related to the role of enterprise,procurement practices,regional development and enterprise characteristics.Furthermore,the governance effect of government procurement was more pronounced in the enterprises with certain features,including a higher hierarchical level and a higher level of governance efficiency,remote procurement and independent procurement,a smaller local debt scale,poor digital finance development,small and medium sizes,the positio of growth stage and a lower market status.