摘要
解决好地方政府拖欠民营企业账款问题,对激发市场活力、促进民营经济高质量发展具有重要意义。本研究以地方政府欠款清理专项督导行动为准自然实验,利用2009—2023年中国A股市场非金融类民营上市企业数据,实证检验了地方政府欠款清理专项督导行动对民营企业金融化的影响。研究发现,地方政府欠款清理可以显著抑制民营企业金融化,这一发现在经过多种稳健性检验后依然成立。机制检验表明,地方政府欠款清理可以提高企业资金周转能力、信用融资和社会责任承担水平,最终抑制民营企业金融化。异质性分析发现,地方政府欠款清理对民营企业金融化的抑制作用在小规模、初创期和高融资约束的企业中更明显。进一步研究发现,地方政府欠款清理在抑制民营企业金融化的同时,可以进一步提升民营企业的研发投入和全要素生产率。文章丰富了地方政府欠款清理专项督导行动的经济后果研究,为国家防范金融风险和促进民营企业高质量发展提供了有益参考。
Resolving the issue of local governments'overdue payments to private enterprises is crucial for stimulating market vitality and promoting the high-quality development of the private economy.This study employs the special supervision campaign for clearing local government arrears as a quasi-natural experiment.Using data from non-financial private listed companies in China's A-share market from 2009 to 2023,it empirically examines the impact of this campaign on the financialization of private enterprises.Research findings indicate that clearing local government arrears can significantly curb financialization among private enterprises,a conclusion that holds up after multiple robustness tests.Mechanism tests reveal that such debt clearance enhances corporate capital turnover efficiency,credit financing capacity,and social responsibility fulfillment,ultimately suppressing financialization among private enterprises.Heterogeneity analysis reveals that the curbing effect of local government debt clearance on the financialization of private enterprises is more pronounced among small-scale,start-up,and highly financing-constrained firms.Further research reveals that while clearing local government arrears curbs the financialization of private enterprises,it can simultaneously boost their R&D investment and total factor productivity.This study enriches the economic impact analysis of the special supervision campaign for clearing local government arrears,offering valuable insights for national efforts to prevent financial risks and promote high-quality development of private enterprises.
作者
马凌远
王竹青
周佩瑶
Ma Lingyuan;Wang Zhuqing;Zhou Peiyao(School of Economics,Zhengzhou University of Aeronautics,Zhengzhou 450046,Henan,China)
出处
《金融发展研究》
北大核心
2025年第11期68-77,共10页
Journal Of Financial Development Research
基金
河南省哲学社科规划项目“绿色供应链金融赋能河南新质生产力的效应测度及实现路径”(2024CJJ212)。
关键词
政府欠款清理专项督导
企业金融化
融资约束
商业信用
社会责任
special oversight for government debt settlement
corporate financialization
financing constraints
commercial credit
social responsibility
