本文選題：政府債務 + 企業(yè)債務�。� 參考：《經濟理論與經濟管理》2017年07期

【摘要】：本文利用中國社科院披露的我國247座城市地方政府性債務對金融穩(wěn)定影響的評價指數(shù),分析了地方政府性債務治理對上市企業(yè)債務融資與資本性投資效率的影響及其傳導機理。研究發(fā)現(xiàn),與地方政府性債務治理較好地區(qū)相比,處于地方政府性債務治理較差地區(qū)的地方政府控股國企,其杠桿率均顯著較高,但企業(yè)資本性投資效率卻顯著較低,企業(yè)產能過剩的財務特征十分明顯。這表明,地方政府性債務治理會顯著影響微觀企業(yè)的投融資,并且地方政府性債務治理越差,透過政府對經濟活動的控制或干預,通過預算外舉債,政府"杠桿"有轉化為企業(yè)"杠桿"的風險。本文明確了"去杠桿"究竟應去誰的"杠桿"問題,對理解地方政府性債務治理轉變?yōu)?內涵型"經濟增長的微觀基礎具有重要的理論和現(xiàn)實意義。
[Abstract]:Based on the evaluation index of the financial stability of 247 cities in China disclosed by the Chinese Academy of Social Sciences, this paper analyzes the influence of local government debt governance on the efficiency of debt financing and capital investment of listed enterprises and its transmission mechanism. The study found that, compared with the better governance areas of local government debt, the leverage ratio of local government-controlled state-owned enterprises in areas with poor governance of local government debt is significantly higher, but the efficiency of enterprise capital investment is significantly lower. The financial characteristic of enterprise overcapacity is very obvious. This shows that local government debt governance significantly affects the investment and financing of microenterprises, and the worse the governance of local government debt, through government control or intervention in economic activities, through extra-budgetary debt, Government'leverage 'risks turning into corporate'leverage '. In this paper, the question of who should be deleveraging is clarified, which is of great theoretical and practical significance in understanding the microscopic basis of the transformation of local government debt governance into "intension" economic growth.
【作者單位】： 浙江財經大學會計學院;上海財經大學會計學院、會計與財務研究院;
【基金】：浙江省哲學社會科學重點研究基地(技術創(chuàng)新與企業(yè)國際化研究中心)課題(16JDGH006) 杭州市哲學社會科學規(guī)劃課題(Z17JC070) 杭州市軟科學研究重點項目(20160834M14)的資助
【分類號】：F812.5;F832.51

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1 康明;所得稅政策對企業(yè)債務融資影響的理論與實證分析[D];浙江大學;2017年

2 杜鑫星;所得稅改革對企業(yè)債務融資水平的影響研究[D];浙江工商大學;2014年

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本文編號：1777837