营商法治环境、融资歧视与债务“期限悖论”——基于中国制造业企业的研究  

Legal Environment for Business,Financing Discrimination and Debt“Maturity Paradox”——Evidence from China’s Manufacturing Firms

作　　者：杨畅[1] 白雪洁[2] 赵洋 YANG Chang;BAI Xue-jie;ZHAO Yang(School of Economics,Tianjin Normal University,Tianjin 300387;Economic and Social Development Institute,Nankai University,Tianjin 300071;School of Economics,Nankai University,Tianjin 300071,China)

机构地区：[1]天津师范大学经济学院,天津300387 [2]南开大学经济与社会发展研究院,天津300071 [3]南开大学经济学院,天津300071

出　　处：《山西财经大学学报》2020年第8期102-113,共12页Journal of Shanxi University of Finance and Economics

基　　金：教育部人文社会科学研究青年基金项目(18YJC790195);国家自然科学基金项目(71803142)。

摘　　要：分析了营商法治环境对企业债务期限的微观机制,并采用中国制造业企业数据进行了实证分析。研究发现:在克服了样本选择偏差、数据截尾特征以及变量内生性等问题后,营商法治环境的改善总体上提升了企业的长期债务比重;进一步,该作用主要体现在非国有企业中,并与产业异质性有关;营商法治环境对国有企业债务期限的影响不明显,我国债务"期限悖论"得以分类诠释。因此,要将法治作为改善营商环境的着力点,降低金融交易成本,改善融资结构,推动制造业持续高质量发展。This paper analyzed the micro influencing mechanism of legal environment for business on enterprise debt maturity,and made an empirical research with the data of Chinese manufacturing enterprises.The study found that,the improvement of legal environment generally raised the proportion of long-term corporate debt after considering some factors such as sample selection bias,censored data problem and variables endogeneity.Further research showed that,the effect was mainly reflected in non-SOEs,which was also affected by industrial heterogeneity.Besides,the legal environment for business had insignificant effect on SOEs’debt maturity,then China’s debt"maturity paradox"would have classified interpretation.Therefore,the main point of improving the business environment was to construct the rule of law,and it was necessary to reduce financial transaction costs,improve financing structure and promote sustainable high-quality development of manufacturing industry.

关 键 词：营商法治环境 融资歧视 债务“期限悖论” 制造业 高质量发展 

分 类 号：F425[经济管理—产业经济]