地方政府负债、信贷资源挤占与中小企业融资成本  

Local government debt,crowding out of credit resources and financing costs of small and medium-sized enterprises

作　　者：黎精明[1,2] 方颖 Li Jing-ming;Fang Ying

机构地区：[1]武汉科技大学管理学院,湖北武汉430065 [2]湖北产业政策与管理研究中心,湖北武汉430065

出　　处：《生产力研究》2024年第11期6-12,F0003,共8页Productivity Research

基　　金：国家社会科学基金项目“地方政府隐性债务风险网状扩散机理及防控对策研究”(21BJY127)。

摘　　要：近年来,地方政府负债规模不断扩大,对中小企业融资环境造成了重要影响。针对地方政府负债规模扩张现象,选取我国30个省份2016—2022年中小板和创业板上市公司作为研究样本,通过非平衡面板回归方法检验了地方政府负债对中小企业融资成本的影响。研究结果表明,地方政府负债规模扩张显著增加了中小企业的权益融资成本和债务融资成本,信贷资源挤占在地方政府负债影响中小企业债务融资成本过程中发挥了显著中介效应作用。基于产权异质性的检验发现,上述效应仅存在于非国有企业,在国有企业表现并不显著。In recent years,the scale of local government debt has been expanding,which has had a significant impact on the financing environment for small and medium-sized enterprises(SMEs).In response to the expansion of local government debt,this study selects the listed companies on the SME boards and growth boards of 30 provinces in China from 2016 to 2022 as the research sample and uses the non-balanced panel regression method to examine the impact of local government debt on the financing costs of SMEs.The results show that the expansion of local government debt significantly increases the equity financing costs and debt financing costs of SMEs.The crowding out of credit resources plays a significant mediating role in the process of local government debt affecting the debt financing costs of SMEs.The test based on ownership heterogeneity shows that the above effects only exist in non-stateowned enterprises,while they are not significant in state-owned enterprises.

关 键 词：地方政府负债 融资成本 信贷资源挤占 中小企业 

分 类 号：F812.5[经济管理—财政学] F832.0