政府欠款清理与民营企业投资:基于专项督导的准自然实验  

Public Debt Liquidation and Corporate Investment:A Quasi-Natural Experiment Based on Special Supervision

作　　者：李增福[1] 李铭杰 汤旭东 Li Zengfu;Li Mingjie;Tang Xudong

机构地区：[1]华南师范大学经济与管理学院 [2]华南理工大学工商管理学院,广东省广州市510641

出　　处：《世界经济》2023年第1期170-191,共22页The Journal of World Economy

基　　金：国家社会科学基金(19BGL057)项目的资助。

摘　　要：本文运用双重差分法考察了国务院清理政府欠款专项督导行动对民营企业长期投资的影响。研究发现,该行动显著提高了被督导地区民营企业的长期投资。其作用机理在于,专项督导行动一方面提升了企业的内源融资水平,表现为经营活动现金流的增加和资产周转的加快;另一方面则改善了企业的外源融资状况,表现为商业信用的增加。进一步地,上述效应在经营较为稳健、融资约束较高、受中央产业政策扶持的行业以及市场化程度较低地区的民营企业中更为显著。本文基于“放管服”改革和营商环境优化的研究场景,识别出政府欠款影响企业长期投资的因果关系,厘清了其中的作用机理,对政府加强宏观调控以有效促进金融和经济的平稳发展具有重要借鉴意义。This paper examines the impact of the State Council's special supervision action aimed at clearing government arrears on the long-term investment of private enterprises using the difference-indifferences technique.The study finds that special supervision for government arrears clearance significantly increases the long-term investment of private enterprises in areas under supervision.At the same time,the mechanism of the effect lies in the fact that,the special supervision,on one hand,improves the internal finance of enterprises,which manifests itself in the form of increased cash flow in operational activities and faster asset turnover and,on the other hand,improves the external finance of enterprises,which manifests itself as an increase in commercial credit.The effect is more pronounced among private enterprises with more robust operations,with greater financing constraints,in industries supported by central industrial policies and in regions with low levels of marketisation.This paper identifies the causal relationship between government arrears and long-term corporate investment based on the research scenario of"decentralisation"reform and business environment optimisation,clarifying the mechanism of special supervision,which is important for the government in strengthening macro-control and further effectively promoting the stable development of finance and the economy.

关 键 词：专项督导 政府债务 商业信用 企业投资 

分 类 号：F276.5[经济管理—企业管理] F275[经济管理—国民经济]