摘要
探究地方政府债务水平对微观企业行为的影响,对于深入理解地方政府债务的系统性风险,促进经济发展活力具有重要意义。本文以2007-2020年中国沪深上市企业发行的公司债、企业债和中期票据作为研究对象,实证考察了地方政府债务对于债券信用利差的影响。研究发现:①地方政府债务规模越大,企业债券信用利差越高;②机制检验表明,地方政府债务通过地方政府“显性扶持”和“隐性担保”行为作用于债券信用利差;③异质性分析发现,地方政府债务对债券信用利差的提升影响在地方国有企业、违约风险高以及位于政府干预较强地区的企业中更加显著;④地方政府债务规模越高,企业债券信用评级越低;地方政府债务治理改革政策会削弱地方政府债务对债券信用利差的提升作用。本文从债券信用利差角度,系统地探索了地方政府债务挤出企业信贷资源的影响和机制,对于全面理解地方政府融资行为的经济后果具有一定启示,研究结论对加强地方政府债务风险的认识与防范有重要的实践意义。
Local government debt is a long-term and complex problem in China's current economic operation.Exploring the economic consequences of local government debt and its functioning mechanism can help provide insights into the efficient use of local government funds.Bond financing,as an important direct financing channel for enterprises,can not only reduce the excessive reliance on bank loans and expand financing channels but also alleviate the maturity mismatch in the financial market and play an important role in economic development.The frequent occurrence of bond defaults in recent years has caused damage to the interests of investors and reflected certain irrationality in the current bond pricing.One of the main reasons for this is that the government's“explicit support”and“implicit guarantee”have long existed in the bond price.Local government debt provides a good opportunity to study the impact of“explicit support”and“implicit guarantee”mechanisms on corporate bond credit spreads.This paper empirically examines the impact of local government debt on bond credit spreads using corporate bonds,enterprise bonds and medium-term notes issued by listed enterprises during 2007-2020.It is found that the larger the scale of local government debt,the higher the corporate bond credit spreads.The mechanism test shows that local government debt plays a role in bond credit spreads through the“explicit support”and“implicit guarantee”behaviors of local governments.Heterogeneity analysis reveals that the effect of local government debt on bond credit spreads is more pronounced in local state-owned enterprises(SOEs),firms with high default risk,and firms located in areas with strong government intervention.Further exploration shows that the higher the size of local government debt,the lower the credit rating of corporate bonds;local government debt governance reform policies weaken the enhancing effect of local government debt on bond credit spreads.The results show that local governments should reasonably
作者
梁上坤
文雯
江韫瑶
LIANG Shang-kun;WEN Wen;JIANG Yun-yao(School of Accountancy,Central University of Finance and Economics)
出处
《中国工业经济》
北大核心
2024年第3期157-174,共18页
China Industrial Economics
基金
国家自然科学基金面上项目“区域竞争、区域协同与企业产能效率提升:理论机制与实证分析”(批准号72272164)
国家自然科学基金面上项目“中国企业成本粘性的动因和后果研究:基于地区分权竞争视角的探索”(批准号71872196)。
关键词
地方政府债务
债券信用利差
偿债压力
显性扶持
隐性担保
local government debt
bond credit spreads
debt repaying pressure
explicit support
implicit guarantee
