债务治理、地方融资平台期限错配与企业绩效——基于“43号文”的研究  

Debt Governance,Maturity Mismatch of Local Financing Platform and Corporate Performance——Research Based on“No.43 document”

作　　者：扈文秀[1] 刘欢 马晓强[2] 白雄 HU Wen-xiu;LIU Huan;MA Xiao-qiang;BAI Xiong(Xi’an University of technology, School of economics and management, Xi’an 710054, China;Northwest University, School of economics and management, Xi’an 710127, China)

机构地区：[1]西安理工大学经济与管理学院,陕西西安710054 [2]西北大学经济与管理学院,陕西西安710127

出　　处：《运筹与管理》2022年第3期207-212,共6页Operations Research and Management Science

基　　金：国家自然科学基金资助项目(71971169)。

摘　　要：本文利用我国2009~2018年2193家地方融资平台的面板数据,采用基准回归模型和中介效应模型,分析了43号文件对地方融资平台期限错配的治理效应,并进一步分析了债务治理是如何通过缓解地方融资平台期限错配最终改善企业绩效的。结果表明:(1)43号文改善了地方融资平台期限错配问题,并增加了企业绩效,这一结论在稳健性检验中也得到了验证;(2)43号文改善了省及省会(单列市)类地方融资平台的期限错配问题,并相应的改善了企业的绩效;(3)43号文改善了土木工程类和房地产类地方融资平台的期限错配问题,并相应的改善了企业的绩效。Based on the panel data of 2193 local financing platforms in China from 2009 to 2018,this paper analyzes the governance effect of“No.43”document on maturity mismatch of local financing platforms and its impact on corporate performance by using benchmark regression model and intermediary effect model,and further analyzes the mechanism of increasing the performance of local financing platforms in the process of debt governance.The results show that:(1)No.43 document improves the term mismatch problem of local financing platforms and increases the performance of enterprises,which is also verified in the robustness test;(2)No.43 document improves the term mismatch problem of provincial and provincial capital(separate listed city)local financing platforms,and correspondingly improves the performance of enterprises;(3)No.43 document improves the maturity mismatch of civil engineering and real estate local financing platforms,and correspondingly improves the performance of enterprises.

关 键 词：43号文 地方融资平台 期限错配 企业绩效 

分 类 号：F812.7[经济管理—财政学]