统计与决策2024，Vol.40Issue(15)：138-143,6.DOI:10.13546/j.cnki.tjyjc.2024.15.024
地方政府债务治理对企业操纵杠杆率的影响及作用机制
Effect and Mechanism of Local Government Debt Governance on Corporate Leverage Manipulation
摘要
Abstract
With the expansion of local government debt in our country,local government debt governance is imperative.This paper takes the State Council's"Document No.43"released in September 2014 as the quasi-natural experiment and uses meth-ods such as DID and PSM-DID to examine the impact and mechanism of local government debt governance on corporate leverage manipulation.The research results show that local government debt governance enhances the motivation of corporate leverage ma-nipulation by increasing corporate financing constraints and financing costs.The mechanism test results show that there are partial intermediary effects.Heterogeneous analysis results show that local government debt governance has a more significant effect on state-owned enterprises,enterprises with smaller asset sizes,and enterprises in eastern regions.Extended research shows that im-proving corporate leverage manipulation can promote business profitability and long-term investment growth.关键词
政府债务治理/企业操纵杠杆率/双重差分法/倾向得分匹配Key words
government debt governance/the degree of enterprise leverage manipulation/difference-in differences(DID)/propensity score matching(PSM)分类
管理科学引用本文复制引用
张高瀚,张斌,张明源,王凯..地方政府债务治理对企业操纵杠杆率的影响及作用机制[J].统计与决策,2024,40(15):138-143,6.基金项目
国家社会科学基金重大项目(21ZDA053) （21ZDA053）
