社会信用环境、杠杆率分化与金融资源协调配置  

Social Credit Environment, Leverage Ratio Differentiation and Coordinated Allocation of Financial Resources

作　　者：郝颖 孙雪冰 Hao Ying;Sun Xuebing

机构地区：[1]北京师范大学经济与工商管理学院,北京100875

出　　处：《江西社会科学》2025年第1期36-50,206,207,共17页Jiangxi Social Sciences

摘　　要：为进一步强化社会信用体系建设,我国于2018年起开始分批创建社会信用体系示范城市,着力打造最优营商环境,推动经济社会高质量发展。以2018—2019年创建的第一、二批社会信用体系示范城市为研究对象,探究社会信用体系建设对国有企业与非国有企业杠杆率分化的影响,研究发现:社会信用体系建设使非国有企业相对于国有企业杠杆率显著上升,该效应主要表现在成长性高的中小企业,以及经济发展较弱和财政分权程度高的地区。社会信用体系示范城市建设通过强化信息披露质量,有效降低代理成本和增加地区信贷供给,有助于缓解国有企业对非国有企业融资的挤出效应和降低隐性担保预期,为非国有企业融资提供良好环境,进而有效缓解杠杆率分化问题。To further strengthen the construction of a social credit system, China began establishing demonstration cities for this purpose in 2018, striving to create an optimal business environment and promote high-quality economic and social development. This study, which focuses on the first and second batches of social credit system demonstration cities created in 2018-2019, investigates the impact of the social credit system on the leverage ratio differentiation between state-owned and non-state owned enterprises. The findings indicate that social credit system has led to a significant increase in the leverage ratio of non-state-owned enterprises compared to state-owned ones. This effect is particularly pronounced in high-growth small and medium-sized enterprises, and in regions with weak economic development and a high degree of fiscal decentralization. By improving the quality of information disclosure, the social credit system helps to reduce agency cost and increase regional credit supply, thereby mitigating the crowding-out effect on non-state-owned enterprises' financing and reducing implicit guarantee expectations. This creates a more favorable environment for financing nonstate-owned enterprises, ultimately alleviating the leverage ratio differentiation problem. This study further highlights that optimizing the social credit environment plays a critical role in improving the financing environment for non-state-owned enterprises, addressing structural issues in financial resource allocation, and enhancing the efficiency and fairness of the financial market.

关 键 词：社会信用体系 示范城市 杠杆率分化 金融资源协调配置 

分 类 号：F832.51[经济管理—金融学]