地方债务显性化治理与企业高质量发展

Explicit governance of local debt and high-quality development of enterprises

以2015年《预算法》实施后的地方债务管理体制改革为准自然实验,运用强度双重差分方法,实证检验了地方债务显性化治理对企业高质量发展的影响效应及作用机制。研究发现:地方债务显性化治理政策冲击能显著促进企业高质量发展。其中,地方债务显性化治理的规模效应有利于改善企业创新环境,通过增加企业创新要素投入机制来促进企业高质量发展,而地方债务显性化治理的结构效应则有利于缓解企业融资约束,通过优化企业资本配置效率机制促进企业高质量发展。此外,地方债务显性化治理对企业发展质量提升效果受到企业产权性质和地区隐性负债率影响而存在异质性。进一步拓展分析发现,地方债务显性化治理也能显著提升企业间资源配置效率。研究结论从地方债务显性化治理的微观效应视角,为建立同高质量发展相适应的地方债务管理机制,实现“促发展”与“防风险”的地方债务治理双重目标提供了政策参考。

This paper empirically tests the effect and mechanism of local debt explicit governance on the high-quality development of enterprises by using the intensity difference in difference method in a quasi-natural experiment with the reform of the local debt management system after the implementation of the Budget Law in 2015.The study finds that:local debt explicit governance policy shock can significantly contribute to the high-quality development of enterprises.The scale effect of local debt explicit governance is conducive to improving the enterprise innovation environment and promoting high-quality enterprise development through the mechanism of increasing the input of enterprise innovation factors,while the structural effect of local debt explicit governance is conducive to easing the enterprise financing constraints and promoting high-quality enterprise development through the mechanism of optimizing the efficiency of enterprise capital allocation.In addition,the effect of local debt explicit governance on improving the quality of enterprise development is heterogeneous by the nature of enterprise property rights and the level of implicit debt ratio in the region.Further extension of the analysis reveals that explicit governance of local debt also significantly improves inter-firm resource allocation efficiency.From the perspective of the micro effects of local debt explicit governance,the findings of the study provide policy references for the establishment of a local debt management mechanism compatible with high-quality development and the realization of the dual objectives of local debt governance,namely,"promoting development"and"preventing risks".