地方融资平台市场化转型与主动债务置换——基于持股上市公司的视角  

Market-oriented Transformation of Local Government Financial Vehicles and Debt Replacement:A View of Shareholding in Listed Firms

作　　者：佟岩 赵泽与 李鑫[2] TONG Yan;ZHAO Ze-yu;LI Xin(School of Management,Beijing Institute of Technology;School of Accounting,Southwestern University of Finance and Economics)

机构地区：[1]北京理工大学管理学院 [2]西南财经大学会计学院

出　　处：《中国工业经济》2024年第5期20-39,共20页China Industrial Economics

基　　金：国家自然科学基金面上项目“企业集团的债券管理模式:影响因素与经济后果”(批准号72072012);国家社会科学基金一般项目“机构投资者投资偏好与企业ESG绩效提升研究”(批准号22BGL088);广东省普通高校人文社会科学重点研究基地“智能财务治理与国家经济安全研究基地”(批准号2023WZJD009)。

摘　　要：建立同高质量发展相适应的政府债务管理机制,完善全口径地方债务监测监管体系,分类推进地方融资平台转型,是2024年国务院《政府工作报告》提出的总体要求之一。目前,越来越多的融资平台开始通过持有上市公司股份进行市场化转型。本文以2007—2021年融资平台发行的城投债数据为研究样本,探讨了融资平台持股上市公司对其主动债务置换行为的影响。研究发现,融资平台持股上市公司后显著提高了主动债务置换的水平,该结论在经过一系列稳健性检验后依然成立。机制检验发现,融资平台持股上市公司主要通过降低城投债融资成本和改善自身经营治理促进了主动债务置换行为。异质性分析表明,在行政级别较低、到期债务规模较大、投融资期限错配程度较高和高管市场经验较为丰富的融资平台以及基础设施投资较多的地区,融资平台持股上市公司对主动债务置换的影响更加明显。进一步地,本文还发现,融资平台持股上市公司可以有效避免主动债务置换行为加剧违约风险的问题。本文从持股上市公司的角度,为融资平台市场化转型的有效性提供了理论依据,对防范化解地方隐性债务风险也具有一定的参考价值。Establishing a government debt management mechanism compatible with high-quality development,improving a comprehensive local debt monitoring and regulatory system,and promoting the transformation of local government financial vehicles(LGFVs)in a categorized manner are among the overall requirements proposed in the 2024 Government Work Report by the State Council.At present,more and more LGFVs are beginning to carry out market-oriented transformations by holding shares of listed companies.At the same time,it is becoming increasingly common for LGFVs to relieve their debt repayment pressure through active bond swaps.Therefore,can the market-oriented transformation of LGFVs increase the scale of their active bond swaps?Can the market-oriented transformation after bond swaps help LGFVs effectively avoid debt risks?There is no in-depth study on this in existing literature.This paper constructs a measurement index of LGFVs holding shares in listed companies.Based on the data on municipal investment bonds issued by LGFVs from 2007 to 2021,this paper discusses the influence of LGFVs holding shares in listed companies on their debt replacement.It is found that the scale of active bond swaps is significantly increased after LGFVs hold shares in listed companies,and this conclusion remains valid after a series of robustness tests.The mechanism test shows that LGFVs holding shares in listed companies mainly promote active bond swaps by reducing the financing cost of urban investment bonds and improving corporate governance.Heterogeneity analysis shows that in LGFVs with low administrative levels,large maturity debt,high mismatch of investment and financing terms,rich market experience of the executives,and areas with more infrastructure investment,LGFVs holding shares in listed companies promote the scale of bond swaps more obviously.Furthermore,this paper finds that LGFVs holding shares in listed companies can effectively avoid the problem that active bond swap behavior aggravates the default risk.Based on the actual needs

关 键 词：地方融资平台 市场化转型 债务置换 持股上市公司 

分 类 号：F124[经济管理—世界经济]