工业技术经济2025，Vol.44Issue(7)：78-87,10.DOI:10.3969/j.issn.1004-910X.2025.07.008
地方政府欠款清理对民营企业跨区域投资的影响研究
The Impact of Local Government Arrears Settlement on Trans-regional Investment of Private Enterprises
范红忠 1刘惜雨 1胡杨1
作者信息
- 1. 华中科技大学经济学院,武汉 430074
- 折叠
摘要
Abstract
Promoting efficient allocation of factors and accelerating the construction of a national unified big market are of great significance in enhancing the effectiveness of economic cycles.Taking all A-share private listed enterprises from 2011 to 2023 as the research sample,this paper regards the 2016 State Council's special supervisory action to clean up the government's delin-quent payments to private enterprises as a quasi-natural experiment,and uses the triple difference method to examine the impact of cleaning up the local government's delinquent payments to private enterprises under the special supervisory action on the trans-re-gional investment of private enterprises.The findings show that clearing local government arrears under the special supervision sig-nificantly promotes the establishment of cross-province off-site subsidiaries by private firms with government procurement contrac-tual relationships in the supervisory region.Mechanism analysis shows that the clearance of arrears by local governments promotes trans-regionalinvestment by private firms by exerting liquidity constraint alleviation effect,productivity enhancement effect and transaction cost reduction effect.Further research finds that the facilitating effect of local government arrears clearance on private firms'trans-regional investment is more significant among private firms with low bargaining power and sound operations,as well as those located in regions with lower fiscal pressure and lower degree of marketization.This paper reveals the positive effect of clearing government arrears on promoting trans-regionalcapital flows of private enterprises,and provides theoretical basis and empirical evi-dence for effectively solving the problem of government arrears and accelerating the construction of a national unified market.关键词
政府欠款/民营企业/跨区域投资/专项督导行动/流动性约束/全要素生产率/交易成本/财政压力Key words
government arrears/private enterprises/trans-regional investment/special supervisory action/liquidity con-straint/total factor productivity/transaction cost/financial pressure分类
经济学引用本文复制引用
范红忠,刘惜雨,胡杨..地方政府欠款清理对民营企业跨区域投资的影响研究[J].工业技术经济,2025,44(7):78-87,10.
