Local Government Debt and Specialization of Firms:Theoretical and Empirical Analysis Based on Microscopic Perspective
As the main form of intra-product trade,specialization is an important micro basis for firms to participate in the double cycle The"geographical segmentation"of China's credit market makes it easy for local government debt to hinder standardized financing of enterprises and thus hinder the specialization,but the single perspective of standardized financing ignores the important impact of supply chain financing.Based on the dual perspectives of standardized financing and supply chain fi-nancing,this paper fully considers that local government debt may not only hinder firms'standardized financing to inhibit specialization,but also activate firms'supply chain financing to stimulate special-ization.The empirical results of this paper show that local government debt inhibits the specialization.The impact mechanism test confirms the coexistence of standardized financing and supply chain financ-ing,but the high upfront cost leads to the obstruction of supply chain financing channels.This paper shows that reducing the upfront cost is an important way to effectively solve the problem of local gov-ernment debt hindering the specialization.
万方数据
维普
