地方政府债务管理体制改革改善企业短贷长投行为了吗?  

Has the Reform of Local Government Debt Management System Improved the Behaviors of Enterprises’ Short-term Lending and Long-term Investment?

作　　者：钟雪瑞 ZHONG Xuerui(School of Finance and Economics,Jimei University,Xiamen,Fujian 361000,China)

机构地区：[1]集美大学财经学院,福建厦门361000

出　　处：《金融教育研究》2025年第2期57-70,共14页Research of Finance and Education

基　　金：国家社会科学基金重大项目“新时代财政制度现代化的目标、难点与实现路径”(18ZDA094)。

摘　　要：地方政府债务管理改革旨在规范、优化地方政府投融资行为,减少地方财政风险,提高地方财政公开透明度。地方政府的投融资行为会在相当程度上影响企业的投融资行为。基于2010—2020年A股上市公司数据,以2015年我国实行的地方债务管理改革作为外生政策冲击,采用强度双重差分法考察了地方政府实施的债务管理改革对于企业短贷长投的影响。结果发现:地方债务管理改革的实施会减轻企业短贷长投的程度,优化企业债务投融资结构,提升企业的财务稳定性,在经过一系列稳健性检验后,这一结论依然成立;机制分析表明,地方政府债务管理改革后企业融资约束、企业信贷可获得性和投资行为的改变是优化企业投融资结构的重要渠道。The reform of local government debt management aims to regulate and optimize the investment and financing behaviors of local governments,reduce local financial risks and improve the public transparency of local finance.The investment and financing behaviors of local governments will,to a considerable extent,affect the investment and financing behaviors of enterprises.Based on the data of A-share listed companies from 2010 to 2020,this study examines the impact of the debt management reform implemented by local governments on enterprises' short-term lending and long-term investment using the intensity double-difference method with the local debt management reform implemented in China in 2015 as an exogenous policy shock.The results found that:the implementation of local debt management reform will reduce the extent of corporate short loans and long investments,optimize corporate debt investment and financing structure,and enhance the financial stability of enterprises,and this conclusion still holds after a series of robustness tests;the mechanism analysis shows that the changes in corporate financing constraints,corporate credit availability,and investment behaviors after the debt management reform of the local government are important channels for optimizing the corporate investment and financing structure.The research findings have implications for improving local government debt management and providing a stable financing environment for enterprises.

关 键 词：地方政府债务管理改革 企业短贷长投 强度双重差分 

分 类 号：F830.5[经济管理—金融学]