Research on the Influence Mechanism of Fiscal and Financial Synergy on Corporate Indebtedness--Provincial Panel Data Analysis Based on Moderating and Intermediary Effects

Abstract

At present, China is facing the dual challenges of increasing macroeconomic downward pressure and rising enterprise debt risk, and the Third Plenary Session of the 20th CPC Central Committee emphasised deepening the reform of the fiscal and taxation system and promoting fiscal and financial synergy to reduce the level of enterprise indebtedness and provide support for high-quality economic development. Based on the data of above-scale industrial enterprises in 30 provinces from 2009 to 2022, this paper explores the extent of the impact of fiscal and financial synergy on corporate indebtedness, factors and mechanisms. It is found that fiscal-financial synergy significantly reduces the level of corporate indebtedness, and the findings are highly robust; fiscal decentralisation and the level of financial development play a positive moderating role, and the advanced industrial structure and financial regulation play a mediating role. In addition, the mitigating effect of fiscal-financial synergy is more significant in the western region, low industry concentration and high talent concentration. This paper provides important theoretical and policy insights for optimising corporate debt governance, fills the research gap in the field of fiscal-financial synergy, and expands the multidimensional perspectives of regional heterogeneity, industrial agglomeration and talent concentration for subsequent studies.