Abstract: In recent years, the problem of local government debt risk has attracted great attention from the government and academia. Taking the performance of corporate social responsibility as the starting point, the impact of local government debt on microenterprise behavior. Based on the panel data of 31 provinces in China from 2015 to 2019, empirically analyzes the impact and transmission mechanism. The results show that there is a negative relationship between local government debt ratio and corporate social responsibility rating, indicating that the expansion of local government debt will reduce the willingness and performance of enterprises in their jurisdiction to fulfill social responsibility. Echanism analysis shows that local government debt expansion reduces the performance of corporate social responsibility by aggravating the financing constraints of enterprises. Eterogeneity analysis that for enterprises with low marketization level, fierce industry competition and high leverage ratio, the impact of local government debt on the performance of corporate social responsibility is particularly significant. This paper extends the research on the microeconomic consequences of local government debt to the field of corporate social responsibility, which has certain policy enlightenment for comprehensively evaluating the risk of local government debt and promoting the performance of corporate social responsibility.

Key words: Local Government Debt, Corporate Social Responsibility, Financing Constraints, Microeconomic Consequences

摘要： 地方政府债务风险问题引起了政府和学术界高度关注。本文以企业社会责任履行为切入点,考察地方政府债务对微观企业行为的影响。基于2015—2019年全国31个省级面板数据,实证分析了地方政府债务对企业社会责任履行的影响与传导机制。研究结果表明,地方政府负债率与企业社会责任评级呈负向关系,地方政府债务规模扩张,会降低辖区企业履行社会责任的意愿和表现。机制分析表明,地方政府债务扩张通过加剧辖区企业的融资约束程度,进而降低企业社会责任的履行。异质性分析发现,市场化水平较低、行业竞争较激烈以及高杠杆率的企业,地方政府债务对其社会责任履行的影响效应尤为显著。本文将地方政府债务微观经济后果的研究拓展至企业社会责任领域,对于全面评估地方政府债务风险、促进企业社会责任履行具有一定的政策启示。

关键词: 地方政府债务, 企业社会责任, 融资约束, 微观经济后果