作者：肖钰
关键字：政府借债；终极产权；融资约束
摘要/Abstract
本文研究了地方政府债务高速膨胀对企业信贷环境的影响。以我国2007-2010年的A股上市公司为样本，检验地方政府积极借债与我国上市公司面临融资约束的关联。实证结果发现，在政府借债越多的地区，企业融资约束越大；民营企业受到的融资约束普遍高于国有企业；随着政府借债程度越大，民营企业与国有企业在融资约束上的差距也越大。实证结果支持了政府大量借债对企业融资的消极作用假说，地方政府的借债行为实际上增大了当地企业的融资成本和融资难度，迫使企业基于融资约束持有更多现金。通过对政府借债弥补财政收支缺口动机的稳健性检验，进一步反映出地方政府不计后果的主动债务融资行为有可能是影响当下企业融资困境的因素。
This paper investigates the impact of local government debt, which keeps high-speed expansion, on enterprise credit conditions. We take 2007-2010 A-share listed companies in our country as a sample, focusing on the relevance of local government debt and financing constraints that Chinese listed companies face. Empirical results found that in provinces where the government borrowing more, financing constraints for companies are larger; And for Private Enterprises, they are generally higher than State-Owned Enterprises; The greater the government debt, the greater the gap of Private Enterprises and State-Owned Enterprises on financing constraints. These results support the hypothesis of negative function that huge government debts bring. Local government borrowing behavior, in fact, increased financing costs and financing difficulty of local enterprises, and force enterprises to hold more cash based on the financing constraints. Finally, from the robustness check of fiscal deficits, the research further reflects that the reckless debt financing of local government is the source of the enterprise financing difficulties.