地方政府债务规模对企业资金成本的影响分析--基于美的和TCL的双案例研究  

Analysis of the Impact of Local Government Debt Scale on the Co st of Capital of Enterprises-Based on the Dual Case Study of Midea Group and TCL TECH

作　　者：韩冬 HAN Dong(School of Management,Henan Institute of Technology,Xinxia ng 453003,China;Institute of Modern Enterprise Management,Henan Institute of Technology,Xinxiang 453003,China)

机构地区：[1]河南工学院管理学院,河南新乡453003 [2]河南工学院现代企业管理研究所,河南新乡453003

出　　处：《河南工学院学报》2024年第2期40-48,共9页Journal of Henan Institute of Technology

基　　金：河南工学院博士科研启动经费(KQ2105)。

摘　　要：地方政府通过负债融资推动大规模基建对经济发展具有促进作用,但地方政府债务规模对企业资金成本的提升效应不容忽视。地方政府举债带来的企业融资“挤出”效应提升了企业债权成本和股权成本,这一提升效应具有“门槛”效应,且在不同性质企业间表现出明显的异质性。美的和TCL的相关数据印证了这一结论。为保障经济平稳运行、激发市场主体活力,必须认识到地方政府债务规模对企业资金成本的提升作用,并采取多种措施降低企业资金成本,严格控制地方政府债务规模,拓展企业多元化资金渠道。Local governments'promotion of large-scale infrastructure construction through debt financing has a facilitating effect on economic development,but the upgrading effect of the scale of local governments'debt on the cost of corporate capital should not be ignored.The"crowding out"effect of enterprise financing brought about by local government debt increases the cost of enterprise debt and equity,which has a"threshold effect"and shows obvious heterogeneity among enterprises of different natures.Both Midea Group and TCL TECH’s data confirm this conclusion.In order to ensure the smooth operation of the economy and stimulate the vitality of market players,it is necessary to recognize the role of local government debt scale on the enhancement of the cost of capital of enterprises,and take a variety of measures to reduce the cost of capital of enterprises,strictly control the scale of local government liabilities,and expand the diversified channels of enterprise funds.

关 键 词：地方政府债务规模 资金成本 股权成本 债权成本 

分 类 号：F123.9[经济管理—世界经济]