地方政府经济增长目标与企业杠杆分化  被引量:1

Local Government Economic Growth Goal and Enterprise Leverage Differentiation

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作  者:张四灿 许国一 张云[2] ZHANG Sican;XU Guoyi;ZHANG Yun(School of Economics,Tianjin Normal University,Tianjin 300387,China;School of Economics,Nankai University,Tianjin 300071,China)

机构地区:[1]天津师范大学经济学院,天津300387 [2]南开大学经济学院,天津300071

出  处:《山东财经大学学报》2024年第1期56-71,共16页Journal of Shandong University of Finance and Economics

基  金:天津市教委科研计划项目“中国国有企业的宏观经济稳定器效应研究”(2023SK033)。

摘  要:改革开放以来,中国式分权下地方政府经济增长目标管理是保持经济稳增长的重要手段,但不可避免在微观企业层面带来一定负面影响。利用2007—2020年上市企业数据研究地方政府经济增长目标管理对企业杠杆分化的影响,研究发现:第一,地方政府经济增长目标的提升会促进辖区内企业“加杠杆”的行为;第二,地方经济增长目标的提高会加剧企业杠杆分化程度,经济增长目标提升幅度相同的情况下,国有企业杠杆率上升程度显著高于非国有企业;第三,在政府隐性担保和金融分权的作用下,地方政府经济增长目标对企业杠杆分化程度的影响会进一步加剧。因此,优化经济增长目标管理,注重国有企业经济绩效考核,减少政府隐性担保和规范金融分权,这些举措将为“结构性去杠杆”政策营造更适宜的外部环境。Since the reform and opening up,the local government economic growth goal management under Chinese-style decentralization has been an important means to maintain stable economic growth,but it inevitably brings about certain negative impacts at the micro enterprise level.By using the data of listed enterprises from 2007 to 2020,this study investigates the impact of local government economic growth goal management on enterprise leverage differentiation.It is found that firstly,the rise in local government economic growth goal will promote the behavior of“adding leverage”in the enterprises within its jurisdiction;secondly,the rise in local economic growth goal will lead to an expansion in the differentiation degree of the leverage ratio in the enterprises with different ownership systems,which is specifically manifested as:when the rise amplitude in economic growth goal is the same,the rise degree of the leverage ratio in state ̄owned enterprises is significantly higher than that of non-state-owned enterprises;and thirdly,under the effect of implicit government guarantee and financial decentralization,the impact of local government economic growth goal on the degree of enterprise sector’s micro leverage differentiation will further intensify.Therefore,such measures as optimizing economic growth goal management,focusing on the economic performance evaluation of state-owned enterprises,and reducing implicit government guarantee and regulating financial decentralization will create a more suitable external environment for the“structural deleveraging”policy.

关 键 词:经济增长目标 企业杠杆分化 政府隐性担保 金融分权 

分 类 号:F202[经济管理—国民经济] F832.4

 

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