Since the reform and opening up,the local government economic growth goal management under Chinese-style decentralization has been an important means to maintain stable economic growth,but it inevitably brings about certain negative impacts at the micro enterprise level.By using the data of listed enterprises from 2007 to 2020,this study investigates the impact of local government economic growth goal management on enterprise leverage differentiation.It is found that firstly,the rise in local government economic growth goal will promote the behavior of"adding leverage"in the enterprises within its jurisdiction;secondly,the rise in local economic growth goal will lead to an expansion in the differentiation degree of the leverage ratio in the enterprises with different ownership systems,which is specifically manifested as:when the rise amplitude in economic growth goal is the same,the rise degree of the leverage ratio in state-owned enterprises is significantly higher than that of non-state-owned enterprises;and thirdly,under the effect of implicit government guarantee and financial decentralization,the impact of local government economic growth goal on the degree of enterprise sector's micro leverage differentiation will further intensify.Therefore,such measures as optimizing economic growth goal management,focusing on the economic performance evaluation of state-owned enterprises,and reducing implicit government guarantee and regulating financial decentralization will create a more suitable external environment for the"structural deleveraging"policy.
关键词
经济增长目标/企业杠杆分化/政府隐性担保/金融分权
Key words
economic growth goal/enterprise leverage differentiation/implicit government guarantee/financial decentralization
维普
万方数据