地方政府债务与企业融资结构

基于宏观经济层面的地方政府债务数据与微观层面的企业数据系统地探索地方政府债务规模对企业融资结构的影响。实证结果表明，地方政府债务显著挤出了企业债务融资，且挤出效应在长期政府债务与短期政府债务样本中均存在，并在东部与西部地区更为显著，而地方政府债务明显推高了企业内源融资与股权融资水平；PPP项目的实施，有效缓解了地方政府债务对企业债务融资的挤出效应。实证研究进一步发现，地方政府债务通过投资环境对企业融资结构产生不同程度的影响，具体表现为地方政府债务通过提高市场开放度和基础设施水平对企业内源融资与股权融资产生显著影响。

Local Government Debt and Corporate Financing Structure

This paper systematically explores the impact of local government debt scale on corporate financing structure based on the macroeconomic level of local government debt data and the micro level of corporate data. The empirical results show that the scale of local government debt significantly squeezed out the scale of debt financing. And the crowding out effect exists in both long-term government debt and short-term government debt samples, and is more significant in eastern and western regions. But local government debt obviously pushed up the level of corporate endogenous financing and equity financing.The implementation of PPP projects effectively alleviates the crowding out effect of local government debt scale on debt financing of enterprises. The empirical research further found that local government debt has different degrees of impact on the corporate financing structure through the investment environment. The local government debt has a significant impact on endogenous financing and equity financing by improving market openness and infrastructure level.