地方融资平台债务与企业专用资产挤出——基于不同债务类型的视角  

Local Financing Platform Debt and Crowding-Out of Enterprises’Specific Assets:A Perspective Based on Different Types of Debt

作　　者：罗美娟 黄子建 Luo Meijuan;Huang Zijian

机构地区：[1]云南大学经济学院

出　　处：《金融经济学研究》2025年第1期60-75,共16页Financial Economics Research

基　　金：国家自然科学基金项目(72363035);重庆市社会科学规划项目(2020YBGL96);云南大学第十五届研究生科研创新项目(KC-23234333)。

摘　　要：地方融资平台快速积累的债务叠加了宏观经济风险,也影响到微观经济实体的投融资行为。将地方融资平台债务细化为公开发行的城投债券与非公开发行的银行借款和非标融资,结合企业专用资产的特征,从信贷挤出、交易成本和基建设施三个维度分析地方融资平台不同债务类型对企业专用资产投资的影响。实证结果表明,融资平台债务扩张总体上对企业专用资产投资具有挤出效应。具体而言,由于银行借款与非标融资具有市场分割、信息不对称特征,提高了本地企业的融资约束与交易成本,进而对企业专用资产造成了挤出效应;而城投债券由于提供了更完善的基建水平,改善了企业投资环境,不具有挤出效应。因此,治理融资平台债务需要区分不同债务类型,在防范债务风险的同时支持实体企业发展。The rapid accumulation of debt by local financing platforms has superimposed macroeconomic risks and also affected the investment and financing behavior of microeconomic entities.This study divided the debt of local financing platforms into publicly issued urban investment bonds,non-publicly issued bank borrowings,and non-standard financing.On the basis of the characteristics of enterprises’specific assets,this study analyzed the impact of different types of debt of local financing platforms on enterprises’specific asset investment from the aspects of credit crowding-out,transaction costs,and infrastructure facilities.Empirical results showed that the debt expansion of financing platforms generally had a crowding-out effect on enterprises’specific asset investment.Specifically,bank borrowings and non-standard financing,characterized by market segmentation and information asymmetry,increased the financing constraints and transaction costs of local enterprises,thereby causing a crowding-out effect on enterprises’specific assets.Urban investment bonds did not have a crowding-out effect because they provided a more complete level of infrastructure and improved the investment environment for enterprises.Therefore,when managing the debt of financing platforms,distinguishing between different debt types and supporting the development of entity enterprises while preventing debt risks is necessary.

关 键 词：地方融资平台 专用资产投资 债务类型 挤出效应 

分 类 号：F832[经济管理—金融学]