政府采购对企业债务风险的影响研究  

The Impact of Government Procurement on Corporate Debt Risk

作　　者：于小悦 马新啸 王竹泉[2] 高雅 Yu Xiaoyue;Ma Xinxiao;Wang Zhuquan;Gao Ya

机构地区：[1]中国海洋大学管理学院 [2]中国海洋大学管理学院、中国企业营运资金管理研究中心

出　　处：《财政研究》2024年第3期111-128,F0003,共19页Public Finance Research

基　　金：国家社科基金重大项目“后疫情时代‘一带一路’沿线国家企业债务问题研究”(21&ZD144);国家社科基金一般项目“国企混改重塑民企要素配置机制的研究”(23BGL119)。

摘　　要：在当前我国经济企稳回升的关键阶段,如何精准识别并有效防范企业债务风险已成为国家治理层面的重要话题。本文构建了与宏观杠杆率相适应的微观企业债务风险指标体系,考察政府采购对于企业债务风险的影响。研究发现:政府采购能够显著降低企业债务风险。机制检验表明,政府采购能够有效提升企业价值创造能力,并通过增加商业信用融资降低企业债务融资依赖,从而降低企业债务风险;异质性检验表明,上述效应在高行政级别的政府客户、异地政府客户和成长期企业样本中更明显。本文对理解政府采购的微观经济社会后果具有参考价值。This paper constructs a micro enterprise debt risk index system which is consistent with the macro leverage ratio,and examines the impact of government procurement on enterprise debt risk.The results show that government procurement can significantly reduce corporate debt risk.The mechanism test shows that government procurement can effectively enhance the value creation ability of enterprises,and reduce the dependence on debt financing by increasing commercial credit financing,thus reducing the debt risk of enterprises.The heterogeneity test shows that the above effects are more obvious in the samples of government customers at high administrative levels,government customers in other places and enterprises in the growth stage.This paper expands the literature on government procurement and corporate debt risk,and has reference value for understanding the economic and social consequences of government procurement.

关 键 词：企业债务风险 政府采购 价值创造能力 金融性负债 

分 类 号：F812[经济管理—财政学] F832