地方政府债务扩张与企业关联担保  

Local government debt expansion and enterprise related guarantee

作　　者：张甜 曹廷求[2] ZHANG Tian;CAO Tingqiu(Shandong Management University,Jinan 250010;Shandong University,Jinan 250010)

机构地区：[1]山东管理学院,山东济南250100 [2]山东大学,山东济南250100

出　　处：《财贸研究》2024年第9期67-78,共12页Finance and Trade Research

基　　金：国家社会科学基金重大项目“地方金融运行动态监测及系统性风险预警研究”(19ZDA091)。

摘　　要：基于2010—2020年沪深A股上市公司数据,考察地方政府债务扩张对企业关联担保行为的影响。研究发现,地方政府债务扩张显著推升了当地企业的关联担保水平。作用机制检验结果表明,地方政府债务扩张会加剧企业融资约束,进而使得企业增加关联担保活动。异质性分析显示,地方政府扩张对企业关联担保的推升作用主要存在于外部融资依赖程度高、债务资金流入行业企业,且在地方债体制管理改革后更明显。经济后果研究表明,在地方政府债务扩张的背景下,关联担保水平的提升虽增强了企业信贷融资能力,但是也加剧了企业市场风险。研究结论为科学管控地方政府债务规模、防范化解金融风险提供了有益参考。Based on the data of non-financial listed companies from 2010 to 2020,this paper examines the impact of local government debt expansion on corporate related guarantee activities.The study shows that local government debt significantly boosts the level of related guarantee of local corporate.The mechanism test shows that local government debt has tightened the financing constraints of enterprises,thus inducing enterprises to increase related guarantee activities.Heterogeneity analysis shows that the role of local government expansion in promoting enterprise related guarantee mainly lies in enterprises with high dependence on external financing,and industrial enterprises with debt funds flow,and it is more obvious after the reform of the local debt system management.From the perspective of economic consequences,the related guarantee has improved the enterprise’s credit financing ability,but aggravated the enterprise’s market risk at the same time.The conclusion of this study is helpful in providing a reference for scientific control of the scale of local government debt and prevention and resolution of financial risks.

关 键 词：地方政府债务 关联担保 挤出效应 融资约束 

分 类 号：F812.7[经济管理—财政学]