Research On The Influence Of Local Fiscal Revenue And Expenditure Structure On The Debt Financing Behavior Of Local State-owned Asset Platform Companies

The structure of local fiscal revenue and expenditure has an important impact on local government debt.Debt of local state-owned platform companies(hereinafter referred to as platform companies)is an important source of implicit debt of local governments.Therefore,it is necessary to explore the impact of local fiscal revenue and expenditure structure on the debt raised by platform companies.In addition,the existing studies on platform companies’ debt have mainly focused on bonds,and less on the remaining two sources of interest-bearing debt of platform companies: bank loans and non-standard debt.This is not conducive to further exploring the impact of financial revenue and expenditure structure on the real debt level and debt structure of platform companies.For these reasons,this paper manually collects and collates micro data of2704 platform companies and macro data of the administrative regions they belong to from 2018-2021 to construct a fixed-effects model for empirical study.This paper adopts two dimensions of local government fiscal decentralization level and fiscal autonomy to portray the structure of local fiscal revenue and expenditure and explore how they affect the level and structure of interest-bearing debt of platform companies.The results show that(1)the degree of decentralization of local government revenue and fiscal autonomy have a negative effect on the level of interest-bearing debt of platform companies.(2)The degree of local government revenue decentralization and fiscal autonomy have a negative effect on the level of non-standard debts of platform companies.In addition,the results of the heterogeneity analysis show that(1)the reliance on land finance weakens the negative effects of fiscal revenue decentralization and fiscal autonomy on the interest-bearing debt level and non-standard debt level of platform companies.(2)the asset size of platform companies weakens the negative effects of fiscal revenue decentralization and fiscal autonomy on the interest-bearing debt level and non-standard debt level of platform companies.The findings of this paper have the following innovative points:(1)Most of the existing studies discuss the impact of local fiscal revenue and expenditure structure on macroeconomic variables,and very few of them involve the impact on the micro variable of platform companies’ debt.(2)In the past,studies on the factors influencing platform companies’ debts mainly focused on promotion incentives and land finance.This paper takes a new perspective to explore how the structure of local fiscal revenue and expenditure affects the debt financing of platform companies.(3)This paper takes bank loans,non-standard debts and bonds into consideration to truly reflect the level of interest-bearing debts of platform companies.The results of this paper also provide reference suggestions for local governments to prevent hidden debt risks,platform companies to plan their debt financing rationally and investors to invest in platform companies.