Local Government Implicit Debt,Debt Replacement and Enterprise Commercial Credit
Based on the listed companies and local economic data from 2010 to 2021,this paper uses panel data two-stage least squares method,double difference method and other methods to test the impact and mechanism of local government implicit debt expansion on corporate commercial credit supply behavior.At the same time,the micro effect of debt replacement as an implicit debt governance pol-icy is evaluated.The empirical results indicate that the expansion of implicit debt by local governments significantly suppresses the sup-ply of commercial credit to enterprises.And after considering endogeneity and various robustness tests,the conclusion still holds true.The mechanism testing shows that the credit creation ability of commercial banks and the sustainable development ability of enterprises play a mediating role in the impact of implicit debt expansion on the supply of commercial credit for enterprises.The policy effect test reveals that the implementation of implicit debt replacement policy significantly promotes the increase of commercial credit supply for enterprises.Heterogeneity analysis shows that the inhibitory effect of local government implicit debt expansion on the commercial credit supply of enterprises is more pronounced in the eastern region and private enterprises.The conclusion of this paper has certain theoreti-cal and practical significance for a deeper understanding of the impact of local government implicit debt on the real economy.
Local Government Implicit DebtDebt ReplacementEnterprise Commercial CreditCredit Creation of Commercial BanksSustainable Development of Enterprises
万方数据
维普
