孔令文 李延喜

摘 要：文章以2000—2018年中国沪深A股33 154个公司年度观测样本为研究对象，从产业政策的视角考察了政府宏观调控对微观上市公司债务融资来源的影响，并基于产业政策扶持力度、产权性质、市场化程度等角度进行了异质性分析。研究结论表明：产业政策可以对上市公司债务融资来源产生重要的影响。相对于未受到产业政策扶持上市公司而言，受到产业政策扶持上市公司的正规金融融资更多，而非正规金融融资更少;上述作用在产业政策扶持力度较强、国有上市公司和金融市场化程度较低的情境中更显著。文章拓展了政府宏观调控影响上市公司行为的文献体系，有助于学术界和实务界深入理解产业政策影响实体经济的传导机制。

关 键 词：产业政策;债务融资来源;正规金融融资;商业信用

DOI：10.16315/j.stm.2020.03.012

中图分类号： F 273

文献标志码： A

Government macro regulation and sources of listed company debt financing：an empirical analysis based on the perspective of industrial policy

KONG Ling wen， LI Yan xi

（School of Economics and Management， Dalian University of Technology， Dalian 116024， China）

Abstract：The article uses 33 154 A share annual observation samples from 2000 to 2018 as the research object， and examines the impact of government macro control on the source of micro enterprise debt financing from the perspective of industrial policy. Heterogeneity analysis was carried out based on the strength of industrial policy support， the nature of property rights and the degree of marketization. The research conclusion shows that industrial policy can have an important impact on the source of listed company debt financing. Compared with listed company that is not supported by industrial policies， listed company that is supported by industrial policies have more formal financial financing and less non formal financial financing. The above mentioned effects are more prominent in the context of stronger industrial policy support， state owned enterprises and lower marketization of financial. The article expands the literature system of government macro control that affects listed company behavior， and helps academics and practitioners to understand the transmission mechanism of industrial policies affecting the real economy.

Keywords：industrial policy; sources of debt financing; formal financial financing; commercial credit

“有形的手”在市場中有着重要的作用，产业政策、货币政策、财政政策等政府宏观调控措施会影响到微观企业的行为决策。作为一种常用的宏观经济政策，产业政策被世界各国广泛地运用到经济发展中。如今产业政策已经成为国家优化产业结构，推动经济可持续发展的重要途径，在一定程度上可以增强溢出效应和解决市场失灵问题[1-2]。我国共实施了十三个“五年规划”，产业政策在促进我国经济体系改革方面发挥了重要的引导和扶持作用[3]。产业政策对微观企业的融资行为也会产生重要的影响，已经有文献证实产业政策可以缓解企业的融资约束[4-5]，帮助企业获得更多的银行贷款[6-7]。……