基于2008—2023年A股非金融类上市公司数据,系统考察社会信用试点城市建设对企业债务结构的影响和作用机制。研究发现,社会信用体系建设能够缓解金融摩擦,促进企业债务结构分散化,该结论在经过一系列稳健性检验后仍然成立;机制检验表明,社会信用体系缓解金融摩擦并促进企业债务结构分散化的传导路径是弥补抵押品不足以及增强债务人还款意愿与能力;进一步分析发现,社会信用体系对非国有企业、中小企业、金融集聚水平较低地区企业以及外部融资依赖度较高行业企业的债务结构分散作用更显著,社会信用体系还具有缓解信贷歧视、延长债务期限等功能。该结论为社会信用体系的建设提供了思路,有助于为深化金融供给侧结构性改革提供重要参考。

Based on the data of A-share non-financial listed companies from 2008 to 2023, this study systematically examines the impact and mechanisms of the Social Credit System(SCS) pilot city construction on corporate debt structure. The results show that the construction of the SCS effectively alleviates financial frictions and promotes the diversification of corporate debt structures. This conclusion remains robust after a series of endogenous and stability tests. Mechanism tests indicate that the transmission path through which the SCS alleviates financial frictions and promotes the diversification of corporate debt structure lies in compensating for insufficient collateral and enhancing debtors' willingness and ability to repay. Further analysis reveals that the SCS exerts a more pronounced effect on debt structure diversification for non-state-owned enterprises, small and medium-sized enterprises, enterprises in regions with lower levels of financial agglomeration, and enterprises in industries with higher dependence on external financing. The social credit system also serves to alleviate credit discrimination and extend debt maturities. This conclusion provides insights for the construction of the SCS and also offers important references for deepening the structural reform of financial supply side.