随着经济新常态下的深化调整，地方政府债务规模管制已成为我国密切关注的重要问题。特别是在新冠疫情的冲击进一步降低了地方政府财力后，中央政府对地方高债务风险愈发担忧，采取了系列举措来控制地方债务持续增长。然而，地方政府债务的持续攀升，不仅对宏观经济稳定构成挑战，也会影响到微观经济主体，特别是企业的融资环境。本文基于企业融资成本的角度，对地方政府债务扩张产生的微观经济影响进行评估，从而加深了对地方债务风险管理的认识。

本文分别从理论与实证两个层面检验地方政府债务扩张对企业融资成本的影响。在理论层面，提出了风险溢出效应理论，并结合已有的乘数效应理论与挤出效应理论，揭示了地方政府债务扩张对企业债务融资成本与权益融资成本的差异化作用路径与影响机制；在实证层面，基于2010～2021年中国A股非金融类上市公司的数据，应用固定效应模型，系统评估了地方政府举债对企业融资成本的实际影响，同时考虑了宏观经济环境和企业特征对该影响的调节作用，有效检验了地方政府债务扩张对企业债务融资成本与权益融资成本的差异化影响机制，确保研究结论的全面性与可靠性。此外，研究还特别关注了2015年地方债务管理体制改革的政策治理效应，在排除基本回归分析中内生性问题的同时，有效验证了地方政府债务对企业融资成本关系的影响机制，进而提升对地方债务治理的认知。

研究结果显示，地方政府债务扩张通过信贷资源挤出效应与风险溢出效应，直接提高了企业债务融资成本，且整体而言，挤出效应占主导地位；同时也通过风险溢出效应，增加了企业融资环境的不确定性以及市场对地区经济前景的担忧，间接提高了企业的权益融资成本。进一步的研究表明，宏观经济环境与企业特征的异质性以及地方债改革政策的实施，均会影响地方政府举债对企业融资成本的负面作用。根据研究结果，本文提出了有关完善地方政府债务管理制度、优化企业融资环境的政策建议，旨在协调地方政府债务治理与企业融资成本之间的关系，以支持企业发展与地区经济的健康增长。

In the context of China's evolving economic landscape, the regulation of local government debt has garnered significant attention. The central government's concerns have intensified, especially due to the financial strains caused by the COVID-19 pandemic, leading to concerted efforts to curb the relentless growth of local government debt. This escalation of local debt not only challenges macroeconomic stability, but also has tangible effects on the microeconomic level, affecting businesses' access to finance.

The study explores the impact of local government debt expansion through a dual approach: it introduces a theoretical framework that adds the proposed risk spillover effect to the established multiplier and crowding-out theories, and it conducts an empirical analysis drawing on data from non-financial listed companies over the period from 2010 to 2021.Through a fixed-effect model, the study evaluates the direct impact of local government debt expansion on corporate financing costs, while also accounting for the differences introduced by macroeconomic factors and unique corporate characteristics. Furthermore, the study focuses on the governance impact of the local debt reform in 2015. It addresses endogeneity concerns in the regression analysis and effectively discerns the policy's effect on the nexus between local government debt and corporate financing costs, thereby enhancing understanding of local debt governance.

The research findings indicate that local government debt expansion directly increases corporate debt financing costs due to crowding-out of credit resources and spillover of credit risks, with the crowding-out effect playing a dominant role overall. Indirectly, it also raises the cost of equity financing by enhancing uncertainty in financing conditions and amplifying concerns over the economic future. Additionally, the study examines local government debt reform in 2015, underscoring its significant influence on the interplay between local debt and corporate financing costs.

The study presents policy recommendations designed to enhance local government debt management and foster a better corporate financing climate, seeking to harmonize debt oversight with corporate financial requirements to nurture regional economic expansion and corporate growth.