本文選題：政府債務(wù) + 企業(yè)債務(wù)　； 參考：《經(jīng)濟(jì)理論與經(jīng)濟(jì)管理》2017年07期

【摘要】：本文利用中國(guó)社科院披露的我國(guó)247座城市地方政府性債務(wù)對(duì)金融穩(wěn)定影響的評(píng)價(jià)指數(shù),分析了地方政府性債務(wù)治理對(duì)上市企業(yè)債務(wù)融資與資本性投資效率的影響及其傳導(dǎo)機(jī)理。研究發(fā)現(xiàn),與地方政府性債務(wù)治理較好地區(qū)相比,處于地方政府性債務(wù)治理較差地區(qū)的地方政府控股國(guó)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(chǎn)能過(guò)剩的財(cái)務(wù)特征十分明顯。這表明,地方政府性債務(wù)治理會(huì)顯著影響微觀企業(yè)的投融資,并且地方政府性債務(wù)治理越差,透過(guò)政府對(duì)經(jīng)濟(jì)活動(dòng)的控制或干預(yù),通過(guò)預(yù)算外舉債,政府"杠桿"有轉(zhuǎn)化為企業(yè)"杠桿"的風(fēng)險(xiǎn)。本文明確了"去杠桿"究竟應(yīng)去誰(shuí)的"杠桿"問(wèn)題,對(duì)理解地方政府性債務(wù)治理轉(zhuǎn)變?yōu)?內(nèi)涵型"經(jīng)濟(jì)增長(zhǎng)的微觀基礎(chǔ)具有重要的理論和現(xiàn)實(shí)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(cái)經(jīng)大學(xué)會(huì)計(jì)學(xué)院;上海財(cái)經(jīng)大學(xué)會(huì)計(jì)學(xué)院、會(huì)計(jì)與財(cái)務(wù)研究院;
【基金】：浙江省哲學(xué)社會(huì)科學(xué)重點(diǎn)研究基地(技術(shù)創(chuàng)新與企業(yè)國(guó)際化研究中心)課題(16JDGH006) 杭州市哲學(xué)社會(huì)科學(xué)規(guī)劃課題(Z17JC070) 杭州市軟科學(xué)研究重點(diǎn)項(xiàng)目(20160834M14)的資助
【分類號(hào)】：F812.5;F832.51

【相似文獻(xiàn)】

相關(guān)碩士學(xué)位論文 前2條

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

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

，

本文編號(hào)：1777839