The Crowding out Effect of Local Government Debt on the Financing Scale of Enterprises
The issue of the impact of local government debt expansion on corporate financing has been a hot topic in academic circles in recent years,mainly manifested as the crowding out effect on corporate financing,which varies depending on the nature of the enterprise.Based on the empirical data of urban investment bonds and local government bonds from 2015 to 2019,research shows that non-state-owned enterprise financing is more affected by the crowding out of local government debt expansion,while state-owned enterprises are less affected.The leverage ratio of enterprises has both threshold effect and regional heterogeneity.When the leverage ratio is located in different intervals,the impact of local government debt on the financing scale of enterprises is also different.Therefore,the government needs to regulate local government financing behavior,and enterprises should also control their leverage ratio to jointly prevent and resolve potential financial risks.
local government debtfinancing scaleenterprise leverage ratiocrowding out effectthreshold effect
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