经济增长目标压力与企业过度负债——基于新结构经济学视角的分析  

Target Pressure of Economic Growth and Excessive Debt of Enterprises--Analysis Based on the Perspective of New Structural Economics

作　　者：王贤彬[1] 郑希恬 Wang Xianbin;Zheng Xitian

机构地区：[1]暨南大学经济学院、中观经济学研究中心,广州市510632 [2]暨南大学经济学院,广州市510632

出　　处：《南方经济》2023年第9期66-89,122,共25页South China Journal of Economics

基　　金：国家自然科学基金面上项目“中国政府创新目标规划的创新效应研究:理论机制、实证识别与政策设计”(72273052);国家自然科学基金面上项目“行政审批改革的经济增长效应研究:理论机制、实证识别与政策设计”(71773038);广东省自然科学基金面上项目“中国政府经济发展目标的经济效应研究”(2022A1515012025)的资助。

摘　　要：文章从新结构经济学视角研究经济增长目标压力对企业层面的过度负债率的影响。本文通过构建两期模型发现,经济增长目标压力通过扩大国企债务规模和降低债务成本提高国企过度负债率,而并未造成非国企过度负债。实证上,文章以2010—2019年上市公司样本为研究对象,显著而稳健地验证理论模型的推断和机制。经济增长目标压力提高国企银行贷款和商业信用融资规模、降低债务融资成本,进而导致国企过度负债。异质性分析表明,横向和纵向增长压力均会影响国企过度负债率,增长压力主要作用在本地国企、大型国企、劳动密集型和资本密集型国企、市场化进程较慢地区的国企。文章为地方政府为实现经济增长而形成偏向性结构影响提供了一般性的理论和经验证据,增进了地方政府干预信贷资源配置动机和后果的新结构经济学学理认识。Over the past decade,China's debts at all levels have increased rapidly,which has aroused concerns about debt risks from all walks of life.The existing literature also analyzes the excessive debt of Chinese enterprises and finds that this trend appears more in state-owned enterprises.Therefore,it is necessary to study the possible influence factors of excessive debt of state-owned enterprises deeply.We aim to explain the excessive leverage of the state-owned sector and the unbalanced development of the credit market from the perspective of local government target setting.First of all,by constructing a two-periods model,we find that the eco⁃nomic growth target pressure increases the excessive debt ratio of state-owned enterprises by expanding the debt scale of state-owned enterprises and reducing their debt cost,but has no significant effect on non-state-owned enterprises.Secondly,we take the sample of listed companies from 2010 to 2019 as the investigating sample,and conducts empirical analysis com⁃bined with the economic growth target pressure of prefecture level municipal governments and regional economic data.The measurement results significantly and steadily support the conclusions and mechanisms of the theoretical models.We find that:(1)The economic growth target pressure faced by local governments has increased the excessive debt ratio of enterpris⁃es.(2)The pressure on economic growth targets mainly increases the scale of bank loans and commercial credit financing,and reduce the cost of debt financing especially the scale and interest of long-term financing,which has increased the exces⁃sive debt ratio of state-owned enterprises.(3)Both horizontal and vertical economic growth pressure have a positive impact on the debt ratio of state-owned enterprises.(4)The affect is mainly on local state-owned enterprises,large state-owned en⁃terprises,labor-intensive and capital-intensive state-owned enterprises,and state-owned enterprises in areas with rapid marketization.The contributions of our research in

关 键 词：经济增长目标压力 过度负债 地方政府干预 信贷资源配置 

分 类 号：F016.2[经济管理—政治经济学]