专项债、资本跨地区流动与企业融资环境  

Revenue Bonds,Cross-regional Capital Flows and Financing Environment of Enterprises

作　　者：王梓旭 孙浩 Wang Zixu;Sun Hao(Post-doctoral Research Station,China Central Depository and Clearing Corporation,Beijing 100033,China;Post-doctoral Mobile Station,Institute of Finance,the People's Bank of China,Beijing 100033,China;School of International Trade and Economics,University of International Business and Economics,Beijing 100029,China)

机构地区：[1]中央国债登记结算有限责任公司博士后科研工作站,北京100033 [2]中国人民银行金融研究所博士后流动站,北京100033 [3]对外经济贸易大学国际经济贸易学院,北京100029

出　　处：《金融发展研究》2025年第3期25-36,共12页Journal Of Financial Development Research

摘　　要：本文旨在探讨地方政府专项债券(以下简称专项债)对于打破区域间资本市场融资壁垒、改善企业融资环境的作用。研究发现,专项债为地方公共项目融资打通了跨区域资本壁垒,有效打破了原有地方政府债务的“信贷挤出效应”,改善了社会资本尤其是非地方政府融资平台企业的融资环境,商业银行在资产配置压力下的展业行为是专项债改善区域融资环境的重要渠道。异质性分析发现,专项债的融资改善作用在金融资本较为紧张的地区更为显著,对非基建企业、民营企业的融资改善效果更好,并且基建、土储、棚改类专项债相较于民生类专项债更有利于改善区域融资环境。研究结论丰富了对专项债经济效应的认识,为加强财政政策与金融政策协同、增强宏观政策取向一致性提供了科学依据。The purpose of this paper is to explore the role of local government special bonds(hereinafter referred to as special bonds)in breaking down the financing barriers in inter-regional capital markets and improving the enterprise financing environment.The study found that special bonds have opened up cross-regional capital barriers for local public project financing,effectively broken the"credit crowding out effect"of the original local government debt,and improved the financing environment for social capital,especially for non-local government financing platforms.Commercial banks'business development behavior under the pressure of asset allocation is an important channel for special bonds to improve the regional financing environment.Heterogeneity analysis finds that the financing improvement effect of special bonds is more significant in regions with tighter financial capital,and has a better effect on the financing improvement of non-infrastructure enterprises and private enterprises,and that special bonds for infrastructure,land storage,and shanty reforms are more conducive to the improvement of the regional financing environment than special bonds for people's livelihood.The conclusions of the study have enriched the understanding of the economic effects of special bonds and provided a scientific basis for strengthening the synergy between fiscal and financial policies and enhancing the consistency of macroeconomic policy orientation.

关 键 词：专项债 资本流动壁垒 融资环境 信贷挤出 地方政府融资平台 

分 类 号：F830[经济管理—金融学]