地方债管理体制改革与企业投资效率  

Reform of the Management System of Local Debt and the Investment Efficiency of Enterprises

作　　者：马融 王光丽 MA Rong;WANG Guangli(School of Public Economics and Administration,Shanghai University of Finance and Economics;Institute of Finance and Economics,Shanghai University of Finance and Economics)

机构地区：[1]上海财经大学公共经济与管理学院 [2]上海财经大学财经研究所

出　　处：《数量经济技术经济研究》2025年第4期176-196,共21页Journal of Quantitative & Technological Economics

基　　金：国家社会科学基金重点项目(22AJY009)的资助。

摘　　要：本文以2015年开始的地方债管理体制改革作为准自然实验,匹配2009~2022年中国上市公司数据,采用多期双重差分模型系统考察地方债管理体制改革对企业投资效率的影响。研究发现,地方债管理体制改革有助于降低企业非效率投资,进而显著提升企业投资效率,强度双重差分法估计结果表明改革力度越大,越能提高企业投资效率。机制检验结果表明,地方债管理体制改革通过改善企业所面临的融资环境和投资环境,以及缓解企业的投融资期限错配行为促使企业扩大有效投资。异质性检验结果表明,地方债管理体制改革对市场化程度高、土地依赖程度低的地区以及独立董事治理水平高、信息不对称程度低的企业投资效率的提升作用更强。本文丰富了地方债管理体制改革微观经济效应研究,为缓解中国企业投资效率低下,打通企业投融资领域痛点与堵点提供了新的经验证据。Enterprises can optimize resource allocation,create shareholders’wealth,and achieve enterprise growth through effective investment activities.How to improve the efficiency of enterprise investment is of concern for both the government and academia.Local government debt is one of the important tools for the government to regulate the economy and has played a positive role in public investment and economic growth in some economic periods.However,the uncontrolled expansion of local government debt has led to an obvious“crowding-out effect”on private sector financing and investment,which has reduced the efficiency of enterprise investment.Therefore,the Chinese government initiated the reform of the management system of local government debt in 2015 to avoid a debt crisis and reduce the negative impact of local government debt.The reform has restrained the investment and financing behaviors of local governments,promoted the standardized development of local debt,and facilitated the healthy operation of the capital market.In this study,we employ the reform of the management system of local debt implemented by the Chinese government in 2015 as a quasi-natural experiment and use a multi-period double-difference modeling system to examine the impact of the reform on the investment efficiency of listed companies from 2009 to 2022.Our empirical results reveal that the reform of the management system of local government debt has a significant positive impact on the investment efficiency of enterprises,and this conclusion is relatively robust.Due to the different levels of development in each region and the differences in the implementation strength of the reform,we use the intensity difference-in-differences method for further testing,and the results reveal that the greater the implementation strength of the reform of the management system of local debt,the more it helps to significantly improve the investment efficiency of enterprises.In addition,inefficient investment can be categorized into overinvestment and underi

关 键 词：地方债改革 投资效率 融资环境 投资环境 投融资期限错配行为 

分 类 号：F812[经济管理—财政学]