This study explores the impact of the New Budget Law, representing local government debt governance, on corporate credit discrepancies. Findings indicate that the New Budget Law can reduce corporate credit mismatch allocation based on the data from 2011 to 2023. Furthermore, the positive effects are achieved by reducing financing costs, increasing the availability of corporate finance, and reducing the negative impact of corporate credit mismatch. The results contribute to the restructuring of the local debt management system by providing a basis for decision-making and insights into establishing an efficient government and attaining robust economic growth.

中文翻译：

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地方政府债务治理如何影响企业信用错配？实施新预算法的证据


本研究探讨了代表地方政府债务治理的新预算法对公司信用差异的影响。研究结果表明，根据 2011 年至 2023 年的数据，新预算法可以减少企业信用错配分配。此外，通过降低融资成本、增加公司融资的可用性和减少公司信用错配的负面影响，可以实现积极影响。研究结果为建立高效政府和实现强劲经济增长的决策和见解提供了决策基础，有助于地方债务管理系统的重组。