The Impact of Government Procurement on Corporate Debt Risk
This paper constructs a micro enterprise debt risk index system which is consistent with the macro leverage ratio,and examines the impact of government procurement on enterprise debt risk.The results show that government procurement can significantly reduce corporate debt risk.The mechanism test shows that government procurement can effectively enhance the value creation ability of enterprises,and reduce the dependence on debt financing by increasing commercial credit financing,thus reducing the debt risk of enterprises.The heterogeneity test shows that the above effects are more obvious in the samples of government customers at high administrative levels,government customers in other places and enterprises in the growth stage.This paper expands the literature on government procurement and corporate debt risk,and has reference value for understanding the economic and social consequences of government procurement.
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