Local government debt,crowding out of credit resources and financing costs of small and medium-sized enterprises
In recent years,the scale of local government debt has been expanding,which has had a significant impact on the financing environment for small and medium-sized enterprises(SMEs).In response to the expansion of local government debt,this study selects the listed companies on the SME boards and growth boards of 30 provinces in China from 2016 to 2022 as the research sample and uses the non-balanced panel regression method to examine the impact of local government debt on the financing costs of SMEs.The results show that the expansion of local government debt significantly increases the equity financing costs and debt financing costs of SMEs.The crowding out of credit resources plays a significant mediating role in the process of local government debt affecting the debt financing costs of SMEs.The test based on ownership heterogeneity shows that the above effects only exist in non-state-owned enterprises,while they are not significant in state-owned enterprises.
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