地方政府债务扩张与企业商业信用供给

摘要/Abstract

摘要： 本文基于手工搜集整理的全口径地方政府债务数据和2007—2019年中国A股非金融业上市公司财务数据，实证检验了地方政府债务扩张对企业商业信用供给的影响及作用机理。研究结果表明，地方政府债务扩张对地区企业商业信用供给具有显著的抑制作用，且该效应在非国有、小规模和行业竞争程度低的企业中更为明显。机制检验发现，地方政府债务规模扩张加剧了企业的信贷融资约束、经营风险和税负压力，进而减少了企业的商业信用供给。进一步研究发现，地方政府债务扩张缩短了企业商业信用的供给期限，并且降低了供给质量。本研究为加强地方政府债务治理和防范化解系统性金融风险提供参考与借鉴。

关键词: 地方政府债务扩张, 商业信用供给, 融资约束, 经营风险, 企业税负

Abstract: This paper empirically examines the impact of government debt expansion on corporate trade credit supply and its underlying mechanisms based on hand-collected and compiled comprehensive data on local government debt and financial data of non-financial listed companies on the Shanghai and Shenzhen stock exchanges from 2007 to 2019. The findings show that government debt expansion has a significant inhibitory effect on corporate trade credit supply, and the effect is more pronounced in enterprises that are non-state-owned, small-scaled, and exposed to less industry competition. The mechanism test reveals that the expansion of government debt scale aggravates the financing constraints, operational risks, and tax burdens of enterprises, thereby reducing their trade credit supply. Further research shows that government debt expansion shortens the supply period of trade credit and lowers its quality. This study provides reference and guidance for strengthening government debt governance and preventing systemic financial risks.

Key words: local government debt expansion, corporate trade credit supply, financing constraints, operating risk, tax burden

吴育辉, 莫一帆. 地方政府债务扩张与企业商业信用供给[J]. 管理评论, 2025, 37(3): 3-16.

Wu Yuhui, Mo Yifan. Local Government Debt Expansion and Corporate Trade Credit Supply[J]. Management Review, 2025, 37(3): 3-16.

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