Research On The Influence Of Public Welfare Business Of Urban Investment Companies On Debt Financing Behavior

The source of implicit debt of local government is mainly the scale and risks of debt financing of urban investment companies,which should not be underestimated.Relevant regulatory authorities have also paid more and more attention to debt financing of urban investment companies.Under this background,the debt financing behavior of urban investment companies is a topic worthy of attention.At present,the research on debt financing behavior of urban investment companies seldom takes into account the debt type structure and debt maturity structure of urban investment companies in depth,and basically takes urban investment bonds as the research subject,but seldom involves the same important non-standardized debts.In addition,business Welfare can reflect the close relationship between the city investment company and the government,which is an important factor affecting the debt financing behavior of the urban investment company,but it is seldom involved in the current related research.This paper manually collects and collates the panel data of 1761 urban investment companies from 2018 to 2021,and matches the economic data and financial data of corresponding districts,counties,prefectures and provinces according to the administrative level of urban investment companies,and obtains a total of 5247 valid samples to establish a two-way fixed effect model to conduct an empirical study on the impact of public welfare business of urban investment companies on their debt level and structure.It is found that:(1)the public welfare business of urban investment companies has a significant positive impact on the interest-bearing debt level of city investment companies;(2)The public welfare of urban investment companies has a significant positive impact on the proportion of non-standard debts of city investment companies;(3)The public welfare business of urban investment companies has a significant positive impact on the short-term debt ratio of urban investment companies.Further heterogeneity analysis shows that:(1)the higher the degree of external guarantee,the weaker the positive impact of the public welfare of the urban investment company on the debt level of the urban investment company;(2)The higher the administrative level,the stronger the positive impact of the public welfare of the urban investment company on its interest-bearing debt level;(3)The higher the financial self-sufficiency rate,the stronger the positive impact on the interest-bearing debt level of urban investment companies.Based on the real debt level and source of urban investment companies,this paper reveals the influence mechanism of the public welfare of the urban investment corporation on its debt financing behavior,which provides a new perspective for the analysis of the debt financing behavior of urban investment companies from the individual level,enriches the research on the influencing factors of debt maturity structure and debt type structure of urban investment companies.In addition,this paper defines the administrative level of urban investment companies when collecting and sorting out the data of urban investment companies manually,judges the indicators such as operating income,business public welfare attribute of urban investment companies,and identifies the non-standard debt and short-term debt of urban investment companies.Relevant experience has certain significance and value for scholars engaged in research in related fields.At the same time,based on the research conclusion,this paper puts forward some pertinent suggestions from three angles of relevant supervision departments,namely,urban investment companies and city investment bond investors,which has certain practical significance.