管理评论

管理评论 ›› 2025, Vol. 37 ›› Issue (8): 167-180.

• 会计与财务管理 • 上一篇    

产业链链长制与企业债务融资成本

陈运森1, 戴馨1, 何玉润2   

  1. 1. 中央财经大学会计学院, 北京 100081;
    2. 北京工商大学商学院, 北京 100048
  • 收稿日期:2023-08-15 发布日期:2025-09-09
  • 作者简介:陈运森，中央财经大学会计学院教授，博士生导师，博士；戴馨，中央财经大学会计学院博士研究生；何玉润（通讯作者），北京工商大学商学院教授，博士生导师，博士。
  • 基金资助:
    国家自然科学基金项目（72272168）；北京工商大学国有资产管理协同创新中心项目（GZGL202203）；2024国有企业管理理论研究开放基金项目（gqkfjj-zd-20240801）。

Chain Chief System in the Industrial Chain and the Cost of Corporate Debt

Chen Yunsen1, Dai Xin1, He Yurun2   

  1. 1. School of Accountancy, Central University of Finance and Economics, Beijing 100081;
    2. Business School, Beijing Technology and Business University, Beijing 100048
  • Received:2023-08-15 Published:2025-09-09

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摘要： 产业链链长制是在双循环新发展格局下地方政府为了应对环境不确定性，实施的具有中国特色的产业政策，对经济高质量发展意义重大。本文基于企业债务融资成本视角，探究产业链链长制实施的微观经济后果。实证结果表明，该政策能够有效降低企业债务融资成本。上述效用在政府重视程度较高的情况下，以及中游行业企业、非龙头企业、非国有企业、融资约束程度较高的企业中更为显著。进一步分析发现，链长制会通过缓解债务违约风险，降低企业的债务融资成本，并能帮助企业获得更多的长期债务融资、享有更长的债务期限。结论验证了产业链链长制的积极效应，一方面，为后续深入实施“有为政府”和“有效市场”相结合的产业政策提供了全新的证据支持，响应了党的二十大报告提出的“着力提升产业链供应链韧性和安全水平”的要求；另一方面，对提高企业融资能力、实现高质量发展也具有重要参考价值。

关键词: 产业链, 链长制, 债务融资成本, 产业政策

Abstract: Chain Chief System in the Industrial Chain is an industrial policy with distinctive Chinese institutional characteristics implemented by local governments in response to environmental uncertainties under a “dual circulation” development pattern, which is of great significance to high-quality economic development. Based on the samples of A-share listed companies from 2013 to 2023, this paper explores the microeconomic consequences of implementing the Chain Chief System in the Industrial Chain from the perspective of cost of corporate debt. The empirical results indicate that this policy can effectively reduce corporate debt cost. These effects are more pronounced in scenarios where the government places a higher level of importance, as well as in midstream industries, non-leading enterprises, private enterprises, and those with higher levels of financing constraints. Further analysis reveals that the Chain Chief System in the Industrial Chain reduces corporate debt cost by mitigating corporate debt risk, enabling companies to secure more long-term debt financing and enjoy longer debt maturities. The conclusion verifies the positive effects of the Chain Chief System in the Industrial Chain.This paper enriches the literature on industrial policy and the cost of corporate debt, and has great practical significance. On the one hand, this paper provides new evidence support for the subsequent in-depth implementation of the industrial policy which ensures better alignment between an efficient market and a well-functioning government, and responds to the requirement of “enhancing the resilience and security of industrial and supply chains” put forward at the 20th CPC National Congress. On the other hand, the research results of this paper show that the implementation of the Chain Chief System in the Industrial Chain can reduce corporate debt cost, which also has important reference value for improving the financing ability of enterprises, maintaining the normal operation and long-term development of enterprises, and achieving high-quality development.

Key words: industrial chain, Chain Chief System, corporate debt cost, industrial policy