提高金融市场化程度能否缓解地方政府债务对企业债务融资的挤出效应?  

Can The Improvement of Financial Marketization Alleviate the Crowding-Out Effect of Local Government Debt on Enterprise Debt Financing?

作　　者：曲春青[1] 庄新颖 Qu Chunqing;Zhuang Xinying(School of Finance,Dongbei University of Finance and Economics)

机构地区：[1]东北财经大学金融学院

出　　处：《国际金融研究》2021年第12期34-43,共10页Studies of International Finance

基　　金：辽宁省社会科学联合会经济社会发展研究课题“深化供给侧结构性改革背景下增强辽宁省金融服务实体经济能力的对策研究”(2021lsljdzdkt-020)资助。

摘　　要：本文基于2012—2018年A股上市公司数据和省级层面地方政府债务、金融市场化程度数据,检验金融市场化程度的提高能否缓解地方政府债务对企业债务融资的挤出效应。实证结果表明,金融市场化程度的提高可以弱化地方政府债务对企业债务融资成本的推高作用,降低地方政府债务对企业债务融资规模的挤出效应。分地区的检验发现,挤出效应在金融市场化程度较低的中西部地区比在金融市场化程度较高的东部地区更加明显,从另一个角度印证了金融市场化程度的提高可以缓解挤出效应。进一步的面板门槛模型估计结果表明,地方政府债务对企业债务融资规模影响的净效应表现出先净挤入再净挤出的特点,金融市场化程度对挤出效应的缓解作用也是非线性的。全国、东部地区和中西部地区的地方政府债务均高于净挤出门槛值,金融市场化程度均低于挤入效应门槛值。With the continuous growth of the scale of local government debt in China, scholars have more and more discussions on its economic consequences. However, how to alleviate the crowding-out effect of local government debt on enterprise debt financing has not been fully discussed.By using the data of A-share listed companies from 2012 to 2019 and the data of local government debt and financial marketization at provincial level, this paper examines whether the improvement of financial marketization can alleviate the crowding-out effect of local government debt on enterprise debt financing. The empirical results show that the improvement of financial marketization can weaken the pushing up effect of local government debt on enterprise debt financing cost, and reduce the crowding-out effect of local government debt on enterprise debt financing scale. The test by regional classification shows that the crowding-out effect is more obvious in the central and western regions featuring lower degree of financial marketization than in the eastern regions with higher degree of financial marketization, which proves that the improvement of financial marketization can alleviate the crowding-out effect. Further panel threshold model estimation results show that the net effect of local government debt on enterprise debt financing scale demonstrates the characteristic of first net crowding-in and then net crowding-out. The degree of financial marketization also has a nonlinear effect on crowding-out effect. The local government debts in the whole country, the eastern regions and the central and western regions are higher than the net crowding-out thresholds. The degrees of financial marketization are lower than the thresholds of crowding-in effect.This paper puts forward the following two policy implications and suggestions. Firstly, local governments should reasonably control unnecessary financing needs, with local government debt giving priority to improving infrastructure and other urgent areas of people’s livelihood. Secondly,

关 键 词：地方政府债务 企业债务融资 金融市场化程度 挤出效应 

分 类 号：F832[经济管理—金融学] F812