地方政府债务对企业金融资产配置的影响--兼论政企融资关系的优化  

Impact of Local Government Debt on Corporate Financial Asset Allocation--On the Optimization of Government-Enterprise Financing

作　　者：高洁超 张孝友 范从来 GAO Jie-chao;ZHANG Xiao-you;FAN Cong-ai

机构地区：[1]上海对外经贸大学国际经贸学院经济学系,上海201620 [2]上海对外经贸大学国际经贸学院 [3]南京大学长江三角洲经济社会发展研究中心

出　　处：《金融论坛》2023年第4期18-28,共11页Finance Forum

基　　金：上海市社科规划青年课题“信贷结构优化与中国三支柱调控框架研究--基于制度授权和一般均衡视角”(2022EJL001)。

摘　　要：本文从融资挤占视角研究发现:地方债扩张会抑制企业持有金融资产尤其是短期金融资产,这表明减持金融资产在信贷环境紧张时发挥了流动性补充功能;这一抑制作用在非国有企业、小规模企业、实体投资较多的企业中更显著;在市场化水平更高、政府与市场关系更友好的地区、企业所在地级市与外省相邻以及货币环境相对宽松时,上述抑制作用更小。这些结论为辩证看待企业金融化、政府转向精准用债、保护市场主体和推动信贷市场统一建设提供了支持。From the perspective of financing crowding,this paper finds that the expansion of local government debt will inhibit the holding of financial assets by enterprises,especially short-term financial assets,which indicates that reducing fi-nancial assets plays a liquidity supplement function when the credit environment is tight;this inhibitory effect is more sig-nificant in non-state-owned enterprises,small-scale enterprises and enterprises with more physical investment;when the enterprise is in an area with higher marketization level and more friendly relationship between the government and the mar-ket,adjacent to other provinces or facing loose monetary environment,it is less affected by this inhibitory effect.These con-clusions provide support for the dialectical treatment of enterprise financialization,the government's shift to accurate use of debt,the protection of market entities and the promotion of the unified construction of the credit market.

关 键 词：地方政府债务 金融资产配置 企业融资 挤出效应 

分 类 号：F275[经济管理—企业管理] F832.51[经济管理—国民经济]