地方政府性债务治理与上市企业投融资——基于我国247座城市的初步证据

发布时间：2018-04-20 12:58

本文选题：政府债务 + 企业债务　；参考：《经济理论与经济管理》2017年07期

【摘要】：本文利用中国社科院披露的我国247座城市地方政府性债务对金融稳定影响的评价指数,分析了地方政府性债务治理对上市企业债务融资与资本性投资效率的影响及其传导机理。研究发现,与地方政府性债务治理较好地区相比,处于地方政府性债务治理较差地区的地方政府控股国企,其杠杆率均显著较高,但企业资本性投资效率却显著较低,企业产能过剩的财务特征十分明显。这表明,地方政府性债务治理会显著影响微观企业的投融资,并且地方政府性债务治理越差,透过政府对经济活动的控制或干预,通过预算外举债,政府"杠杆"有转化为企业"杠杆"的风险。本文明确了"去杠杆"究竟应去谁的"杠杆"问题,对理解地方政府性债务治理转变为"内涵型"经济增长的微观基础具有重要的理论和现实意义。
[Abstract]:Based on the evaluation index of the financial stability of 247 cities in China disclosed by the Chinese Academy of Social Sciences, this paper analyzes the influence of local government debt governance on the efficiency of debt financing and capital investment of listed enterprises and its transmission mechanism. The study found that, compared with the better governance areas of local government debt, the leverage ratio of local government-controlled state-owned enterprises in areas with poor governance of local government debt is significantly higher, but the efficiency of enterprise capital investment is significantly lower. The financial characteristic of enterprise overcapacity is very obvious. This shows that local government debt governance significantly affects the investment and financing of microenterprises, and the worse the governance of local government debt, through government control or intervention in economic activities, through extra-budgetary debt, Government'leverage 'risks turning into corporate'leverage '. In this paper, the question of who should be deleveraging is clarified, which is of great theoretical and practical significance in understanding the microscopic basis of the transformation of local government debt governance into "intension" economic growth.
【作者单位】：浙江财经大学会计学院;上海财经大学会计学院、会计与财务研究院;
【基金】：浙江省哲学社会科学重点研究基地(技术创新与企业国际化研究中心)课题(16JDGH006) 杭州市哲学社会科学规划课题(Z17JC070) 杭州市软科学研究重点项目(20160834M14)的资助
【分类号】：F812.5;F832.51

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