摘要
地方政府债务作为地方政府为地区发展获取的经济资源,对微观企业的影响日益突出。文章利用省级地方政府债务宏观数据与国有企业微观数据,研究地方政府债务扩张对国有企业投资效率的影响。结果表明,地方政府债务扩张显著降低了国有企业投资效率,且主要表现为加剧过度投资,对投资不足影响不显著。影响机制分析发现,国有企业过度负债在地方政府债务扩张与国有企业过度投资之间起到部分中介作用。研究还发现,地方政府债务扩张在股权制衡度低和财政透明度低的样本中,对国有企业非效率投资和过度投资的促进作用更显著。研究结论为地方政府债务影响国有企业高质量发展提供了微观基础。
As an economic resource obtained by local governments for regional development,local government debt has an increasingly prominent impact on micro-enterprises.Using the macro data of provincial local government debt and the micro data of state-owned enterprises,we study the impact of local government debt expansion on the investment efficiency of state-owned enterprises.The results show that the expansion of local government debt reduces the investment efficiency of state-owned enterprises significantly,which is mainly reflected in the aggravation of overinvestment instead of underinvestment.The analysis of the impact mechanism finds that the excessive debt of stateowned enterprises plays a partial mediating role in the relationship between the local government debt expansion and the overinvestment of state-owned enterprises.It is also found that local government debt expansion has more significant effect on inefficient investment and overinvestment of state-owned enterprises with low-level equity balance and fiscal transparency.The conclusions provide a micro foundation for the impact of local government debt on the high-quality development of state-owned enterprises.
作者
马亚明
张立乐
Yaming Ma;Lile Zhang(School of Finance,Tianjin University of Finance and Economics,Tianjin 300222,China)
出处
《会计与经济研究》
CSSCI
北大核心
2022年第1期27-45,共19页
Accounting and Economics Research
基金
国家社会科学基金重点项目(21AJY015)
天津市研究生科研创新项目(2021YJSB336)
关键词
地方政府债务
国有企业
投资效率
过度投资
过度负债
local government debt
state-owned enterprises
investment efficiency
overinvestment
excessive debt
作者简介
马亚明,博士,天津财经大学金融学院教授,yamingma@sina.com;通讯作者:张立乐,天津财经大学金融学院博士研究生,tufezhanglile@163.com。
