摘要
文章以2010—2020年沪深A股上市公司的数据为样本,利用2015年全国逐步推行的地方政府债务管理体制改革作为政策冲击,基于“投资—投资机会”的敏感度模型实证检验了地方债改革对企业投资效率的影响。研究发现,地方政府债务治理显著提升了企业投资对投资机会的敏感度,即有助于提升企业的投资效率。机制检验表明,一方面,地方政府债务治理能够缓解企业融资约束,即通过提高融资可得性和降低融资成本,进而提升企业投资效率;另一方面,地方政府债务治理能够优化企业投资环境,即通过化解地区经济风险、促进市场公平竞争和吸引异地投资,进而提升企业的投资效率。随后的异质性分析表明,地方债管理体制改革对企业投资效率的提升作用在投资不足、所处地区市场化程度低和所处地区财政压力高的企业中更为显著。进一步发现,地方债管理体制改革对企业盈利能力可持续性和经济稳增长有显著的促进作用。文章研究结果为深入挖掘地方政府债务治理的成效,促进企业经营发展和实现经济高质量发展提供了重要启示。
Since the implementation of the 4 trillion policy,the scale of implicit debt of local governments has been rising continuously,which is not conducive to the business development of enterprises and has caused great risks to China's financial stability and economic and social development.The scale of local government debt is regulated by the national macroeconomy,which will have an impact on the micro-economy,including the investment and financing decisions of enterprises.In addition,the efficiency of resource allocation in enterprise investment decision-making is an important factor driving force of economic growth.In order to curb the expansion of local government debt scale and ensure the stable development of the economy,China began to implement the reform of local government debt management in 2015,and made fundamental changes in the subject and method of borrowing,the scale of borrowing and the responsibility of repayment.In this situation,it is of great theoretical and practical significance to study the influence of local government debt management system reform on enterprise investment efficiency.In order to explore this problem,this paper takes the reform of local government debt management system gradually implemented in 2015 as a policy shock,and empirically tests the relationship and mechanism between local government debt governance and enterprise investment efficiency based on the sensitivity framework of"investment-investment opportunities".It is found that local government debt governance has significantly improved the sensitivity of"investment-investment opportunities"of enterprises,and a series of robustness test results also support the above conclusions.Heterogeneity analysis shows that the above effects are more prominent for enterprises with insufficient investment,low degree of marketization and high financial pressure in their regions.The test of action mechanism shows that local government debt governance can improve the investment efficiency of enterprises by relaxing the financing constraints and optimizing the investment environment.Further,the reform of local government debt management system can also enhance the sustainability of corporate profitability and promote steady economic growth.The academic value of this paper is mainly reflected in three aspects:First,based on the"investment-investment opportunity"sensitivity framework of enterprises,this paper pays attention to the micro-economic effects brought by the decline of debt financing scale after the implementation of local government debt governance.Secondly,this paper provides a new interpretation for understanding the transmission mechanism of local government debt governance affecting enterprise investment efficiency from the dual perspectives of alleviating financing constraints and optimizing investment environment.Thirdly,the research conclusion has important practical value for further promoting local government debt governance to promote enterprise management development and steady economic growth.
作者
徐晓珠
李增福
Xu Xiaozhu;Li Zengfu
出处
《南方经济》
CSSCI
北大核心
2024年第11期18-41,共24页
South China Journal of Economics
基金
国家社会科学基金项目“混合所有制企业中非控股股东利益侵占行为及治理研究”(19BGL057)资助。
关键词
地方政府债务治理
企业投资效率
融资约束
投资环境
Local Government Debt Management
Enterprise Investment Efficiency
Financing Constraints
Investment Environment