金融监管与国有企业过度负债治理——来自资管新规的经验证据  

Financial Regulation and Governance of Excessive Debt of State-Owned Enterprises:Empirical Evidence from the New Asset Management Regulation

作　　者：洪金明 袁一辰 HONG Jin-ming;YUAN Yi-chen(Finance and Accounting Research Center,Chinese Academy of Fiscal Sciences,Beijing 100142,China;People’s Bank of China Organ Service Center,Beijing 100800,China)

机构地区：[1]中国财政科学研究院财务与会计研究中心,北京100142 [2]中国人民银行机关服务中心,北京100800

出　　处：《经济问题》2024年第8期75-84,共10页On Economic Problems

基　　金：国家统计局优选项目“数据资产会计核算问题研究”(2023LY022)。

摘　　要：保持国有企业合理的资本结构是经济高质量发展的重要保证。以资管新规实施这一准自然实验为契机构建双重差分模型,以2015—2021年沪深A股市场非金融行业上市公司为样本,实证考察了资管新规实施对国有企业过度负债的影响。研究结果显示,相比于民营企业而言,资管新规实施显著抑制了国有企业的过度负债水平,经过一系列稳健性检验后实证结果依然成立。机制分析表明,资管新规实施降低金融化水平,减少银行借款,进而抑制国有企业过度负债;异质性分析表明,资管新规实施对国有企业过度负债的抑制作用在竞争性行业、中央企业以及影子银行发展水平较高的地区中更为明显,而企业高管的金融背景却削弱了资管新规的实施效果。进一步研究发现,资管新规实施会抑制国有企业过度负债水平,进而提高实体投资水平和每股经济增加值。上述研究结果不但为治理国有企业高杠杆的问题提供了新视角,还对加强金融监管和促进国有企业高质量发展具有重要的理论和现实意义。Maintaining a reasonable capital structure of state-owned enterprises is an important guarantee for high-quality economic development.Using the quasi-natural experiment of the new asset management regulation,this paper empirically examines the impact of the implementation of the new asset management regulation on the excessive debt of state-owned enterprises by taking listed companies in non-financial industries in the Shanghai and Shenzhen A-share markets from 2015 to 2021 as samples.The results show that the implementation of the new asset management regulation has significantly reduced the excessive debt level of state-owned enterprises,and the empirical results are still stable after a series of robustness tests.Heterogeneity analysis shows that the reduction of the level of reduce the level of financialization and bank borrowings are two possible mechanisms;The inhibitory effect of the implementation of the new asset management regulation on the excessive debt of state-owned enterprises is heterogeneous in terms of the financial background of senior executives,industry competition,the level of actual controllers and the development level of regional shadow banks.Further research shows that the reduction of excessive debt level of state-owned enterprises after the implementation of the new asset management regulation will also improve the level of enterprises’entity investment and EVA per share.This study not only provides a new perspective for the governance of high leverage of state-owned enterprises,but also has theoretical and practical significance for strengthening financial supervision and promoting high-quality development of state-owned enterprises.

关 键 词：资管新规 国有企业 过度负债 影子银行 

分 类 号：F832.5[经济管理—金融学]