The Influence Of Local Government Debt On Corporate Debt Financing And The Regulation Effect Of Digital Finance

Our economy has changed from high-speed growth to high-quality development,enterprises as the main force of economic growth play an important role.In the credit market,on the one hand,the competitiveness of enterprises is insufficient.When regional borrowing funds are certain,banks and other financial institutions are more inclined to invest funds in local government debts.On the other hand,local government debt will promote regional economic development and increase regional loanable funds.Therefore,this thesis will study the impact of local government debt on corporate debt financing,balance the relationship between the two.and better promote regional economic development.At the same time,the development level of digital finance in China continues to improve,which impacts the traditional financial system from debt business,intermediate business,asset business and other aspects.Under the background of digitalization,this thesis will study the regulatory effect of digital finance,so as to better promote the development of enterprises.This thesis defines the three core concepts of corporate debt financing,local government debt and digital finance,based on credit rationing theory,information asymmetry theory,transaction cost theory and order financing theory.Put forward the research hypothesis of local government debt on corporate debt financing,the research hypothesis of the regulatory role of digital finance,and the research hypothesis of regional heterogeneity,industrial heterogeneity and time heterogeneity of digital finance to relieve local government debt and squeeze out corporate debt financing.In the aspect of digital finance,the thesis analyzes the development process and current situation of digital finance and the role of digital finance by using literature research method.In terms of local government debt,the current situation and problems of local government debt are analyzed.In terms of corporate debt financing,the structure and scale of corporate debt financing are analyzed.On the basis of theoretical analysis,this thesis uses CNRDS.WIND and CSMAR databases to obtain data from 2011 to 2020,and empirically analyzes the role of local government debt on the scale of corporate debt financing and the regulatory role of digital finance.In order to further study the changes of crowding in and crowding out effect along with the changes of local government debt and how the introduction of digital finance,a moderating variable,will change the crowding out effect of local government debt on corporate debt financing,this thesis takes local government debt as a threshold variable and builds a panel threshold model.In this thesis,the data are further analyzed by grouping regression according to the region,industry and the nature of enterprises to study heterogeneity.Finally,based on the research conclusions,this thesis gives some countermeasures and suggestions to solve the local government debt,develop digital finance and optimize the debt financing environment of Chinese enterprises from the Angle of controlling the local government debt ratio in a reasonable way,increasing digital financial support and implementing measures according to local conditions.