中文摘要：

本文以我国证券市场2010～2013年发放委托贷款的上市公司为样本，实证考察地方财政压力、融资平台举债与上市公司委托贷款流向的关系。研究发现：在控制了与委托贷款相关的公司特征的影响后，所在地区财政压力越大，上市公司委托贷款越易流向地方政府融资平台，表明在地方财政无力支持融资平台时，地方政府会干预上市公司通过委托贷款方式向举债困难的融资平台提供资金支持。

英文摘要：

The author empirically tests the relationships of local financial pressure, financing platform debts and entrusted loan objects based on entrusted loans data issued by listed companies between 2010 and 2013. It is found that the greater the local financial pressure, the easier the entrusted loans will flow to LGFPs under the condition of controlling company characteris- tics. This suggests that local government will intervene listed companies providing entrusted loans to difficult LGFPs when it is unable to support LGFPs.