Abstract: The fair competition review system is of great significance for establishing a unified, open and orderly market system. Taking A-share listed companies from 2011 to 2022 as samples, this paper takes the introduction of the fair competition review system as a research opportunity to explore the influence of the fair competition review system on corporate deleveraging. It is found that the fair competition review system significantly promotes the deleverage of enterprises. The mechanism analysis shows that the fair competition review system has an impact on enterprise deleveraging by reducing implicit government guarantee, optimizing the allocation of credit resources and reversing risks. Heterogeneity analysis shows that the fair competition review system plays a more significant role in deleveraging in enterprises with tight monetary conditions, poor business environment and low innovation level. The research conclusion provides a micro basis for the policy evaluation of the fair competition review system, and also provides a theoretical reference for the supply-side structural reform and the construction of a unified national market.

Key words: Fair Competition Review System, Enterprise Deleveraging, Implicit Government Guarantees, Credit Resources, Enterprise Risk

摘要： 公平竞争审查制度对于建立统一开放、竞争有序的市场体系具有重要意义。本文以2011—2022年A股上市公司为样本,以公平竞争审查制度出台为研究契机,探究公平竞争审查制度对企业去杠杆的影响。研究发现,公平竞争审查制度显著促进了企业去杠杆;机制分析表明,公平竞争审查制度通过降低政府隐性担保、优化信贷资源配置、风险倒逼等路径对企业去杠杆产生影响;异质性分析显示,在银根紧缩期、营商环境较差以及创新水平较低的企业中,公平竞争审查制度对企业去杠杆的作用更为显著。本文研究结论为公平竞争审查制度的政策评估提供了微观依据,也为供给侧结构性改革及全国统一大市场建设提供了理论参考。

关键词: 公平竞争审查制度, 企业去杠杆, 政府隐性担保, 信贷资源, 企业风险