地方政府债务如何影响实体企业信贷融资——基于异质性视角的中国工业企业微观数据分析

基于中国工业企业微观数据，通过线性和非线性双重视角实证检验了地方政府债务如何影响实体企业信贷融资。研究发现：地方政府债务规模扩张对实体企业信贷融资形成挤出效应，且挤出效应具有企业规模异质性和所有制异质性。线性影响检验结果表明，地方政府债务对中小企业和非国有企业的挤出效应大于大型企业和国有企业；加入二次项和面板门槛模型的非线性影响检验结果再次验证了上述结论，其中与大型企业信贷融资的挤出效应具有门槛效应不同，对中小企业信贷融资为线性挤出，无论地方政府债务规模大小均产生挤出效应。

How does Local Government Debt Affect Entity Enterprises’ Credit Financing—The Heterogeneous Analysis of China’s Industrial Firms

Using micro-data of China’s industrial firms, this paper empirically tests how local government debt affect entity enterprises’ financing credit from both linear and nonlinear perspectives. The empirical results discover that increasing local government debt has crowding-out effect on entity enterprises’ financing credit, and this crowding-out effect presents statistically entity scale heterogeneity and ownership heterogeneity. Linear test shows that the crowding-out effect on small and micro enterprises and non-state-owned enterprises is much bigger than large scale enterprises and state-owned enterprises respectively. The nonlinear test with quadratic term and panel threshold model proves the conclusion above again, and specifically compared with large scale enterprises, crowding-out effect on small and micro enterprises is linear and without threshold effect.