什么样的杠杆率有利于企业高质量发展
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摘要
选取2008—2017年我国沪深A股上市公司样本,实证检验了企业杠杆率与企业高质量发展的关系以及产权异质性和区域异质性对二者关系的影响。研究发现,企业杠杆率与企业高质量发展存在显著的倒"U"形关系;当企业杠杆率小于59.84%时能够促进企业高质量发展,企业杠杆率超过59.84%时不利于企业高质量发展。该结论在考虑产权异质性和区域异质性的条件下依然成立,企业杠杆率的拐点值呈现出非国有企业>地方国有企业>59.84%>中央企业,东部地区>59.84%>中部地区>西部地区的特点,表现出东部地区、中部地区和西部地区,非国有企业、地方国有企业和中央企业依次递减的规律。上述结论在控制了潜在的内生性后依然成立。研究结论为我国建立资产负债约束机制,区分不同地区、企业类型设置资产负债率重点监管线,推动企业高质量发展具有启示意义。
Selecting the 2008-2017 Shanghai and Shenzhen A-share non-financial listed companies as research samples,this paper empirically tests the relationship between corporate leverage and high-quality development, and analyzes the impact of property heterogeneity and regional heterogeneity on the relationship between the two. On this basis,the role of marketization in the region where the enterprise is located and the degree of government intervention in this mechanism of influence are examined. The study found that there is a significant"inverted U-shaped"relationship between corporate leverage and high quality development, and the inflection point of corporate leverage is 59.84%.This conclusion is still established considering the heterogeneity of property rights and regional heterogeneity, the inflection point of corporate leverage shows non-state-owned enterprises>local state-owned enterprises>59.84%>central state-owned enterprises, eastern region>59.84%>central regions>western regions, at the same time, it also shows the law of the declining of non-state-owned enterprises, local state-owned enterprises and central state-owned enterprises in the eastern, central and western regions. The above conclusions are still established after controlling for potential endogeneity.This paper has implications for rationally adjusting the leverage ratio of listed companies in China, constructing an effective asset-liability constraint mechanism, and achieving high-quality development of enterprises.
Selecting the 2008-2017 Shanghai and Shenzhen A-share non-financial listed companies as research samples,this paper empirically tests the relationship between corporate leverage and high-quality development, and analyzes the impact of property heterogeneity and regional heterogeneity on the relationship between the two. On this basis,the role of marketization in the region where the enterprise is located and the degree of government intervention in this mechanism of influence are examined. The study found that there is a significant"inverted U-shaped"relationship between corporate leverage and high quality development, and the inflection point of corporate leverage is 59.84%.This conclusion is still established considering the heterogeneity of property rights and regional heterogeneity, the inflection point of corporate leverage shows non-state-owned enterprises>local state-owned enterprises>59.84%>central state-owned enterprises, eastern region>59.84%>central regions>western regions, at the same time, it also shows the law of the declining of non-state-owned enterprises, local state-owned enterprises and central state-owned enterprises in the eastern, central and western regions. The above conclusions are still established after controlling for potential endogeneity.This paper has implications for rationally adjusting the leverage ratio of listed companies in China, constructing an effective asset-liability constraint mechanism, and achieving high-quality development of enterprises.
引文
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[2]金碚.关于“高质量发展”的经济学研究[J].中国工业经济,2018(4):5-18.
[3]徐忠.经济高质量发展阶段的中国货币调控方式转型[J].金融研究,2018(4):1-19.
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[6]王贞洁,王竹泉.中国上市公司杠杆错估及其关联效应--对“去杠杆”政策的思考[J].经济管理,2018,40(4):20-35.
[7]张一林,蒲明.债务展期与结构性去杠杆[J].经济研究,2018,53(7):22-32.
[8]陈小亮,陈彦斌.结构性去杠杆的推进重点与趋势观察[J].改革,2018(7):17-30.
[9]王小鲁,樊纲.中国地区差距的变动趋势和影响因素[J].经济研究,2004(1):33-44.
[10]中央党校省部级干部进修班课题组,吴清海.关于经济发展质量若干问题的思考[J].中国领导科学,2017(8):7-10.
[11]陈昌兵.新时代中国经济高质量发展动力转换研究[J].上海经济研究,2018,(5):16-24,41.
[12]郭春丽,王蕴,易信,张铭慎.正确认识和有效推动高质量发展[J].宏观经济管理,2018(4):18-25.
[13]刘林,刘星宇.我国主动负债上市公司资本结构动态调整研究--兼论供给侧结构性改革“去杠杆”政策问题[J].改革与战略,2016,32(12):16-22.
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[15]Jeon,H.,and M.Nishihara.The Effects of Business Cycle and Debt Maturity on a Firm's Investment and Default Decisions[J].International Review of Economics&Finance,2015(38):326-351.
[16]Myers,S.C.Determinants of Corporate Borrowing[J].Journal of Financial Economics,1977(5):147-175.
[17]Parrino,R.,and M.SWeisbach.Measuring Investment Distortions Arising from Stockholder-Bondholder Conflicts[J].Journal of Financial Economics,1999,53(1):3-42.
[18]Lewis,C.M.,andY.Tan.Debt-equity Choices,R&D Investment and Market Timing[J].Journal of Financial Economics,2016,119(3):599-610.
[19]郭祎.金融去杠杆的本质与实现条件[J].改革,2018(4):73-81.
[20]吴军,白云霞.中国银行制度的变迁与国有企业预算约束的硬化--来自1999-2007年国有上市公司的证据[J].金融研究,2009(10):179-192.
[21]余明桂,潘红波.政府干预、法治、金融发展与国有企业银行贷款[J].金融研究,2008(9):1-22.
[22]罗党论,甄丽明.民营控制、政治关系与企业融资约束--基于中国民营上市公司的经验证据[J].金融研究,2008(12):164-178.
[23]钟宁桦,刘志阔,何嘉鑫,苏楚林,等.中国企业债务的结构性问题[J].经济研究,2016(7):102-117.
[24]方明月.先天优势还是后天努力--国企级别对全要素生产率影响的实证研究[J].财贸经济,2014,35(11):125-136.
[25]张前程,杨光.产能利用、信贷扩张与投资行为--理论模型与经验分析[J].经济学:季刊,2016,15(3):1507-1532.
[26]鲁晓东,连玉君.中国工业企业全要素生产率估计:1999-2007.经济学(季刊)[J],2012,(2):541-558.
[27]杨汝岱.中国制造业企业全要素生产率研究[J].经济研究,2015(2):61-74.
[2]金碚.关于“高质量发展”的经济学研究[J].中国工业经济,2018(4):5-18.
[3]徐忠.经济高质量发展阶段的中国货币调控方式转型[J].金融研究,2018(4):1-19.
[4]黄速建,肖红军,王欣.论国有企业高质量发展[J].中国工业经济,2018(10):19-41.
[5]刘一楠,宋晓玲.杠杆失衡、信贷错配与结构性去杠杆--一个动态随机一般均衡分析框架[J].中央财经大学学报,2018(8):76-86.
[6]王贞洁,王竹泉.中国上市公司杠杆错估及其关联效应--对“去杠杆”政策的思考[J].经济管理,2018,40(4):20-35.
[7]张一林,蒲明.债务展期与结构性去杠杆[J].经济研究,2018,53(7):22-32.
[8]陈小亮,陈彦斌.结构性去杠杆的推进重点与趋势观察[J].改革,2018(7):17-30.
[9]王小鲁,樊纲.中国地区差距的变动趋势和影响因素[J].经济研究,2004(1):33-44.
[10]中央党校省部级干部进修班课题组,吴清海.关于经济发展质量若干问题的思考[J].中国领导科学,2017(8):7-10.
[11]陈昌兵.新时代中国经济高质量发展动力转换研究[J].上海经济研究,2018,(5):16-24,41.
[12]郭春丽,王蕴,易信,张铭慎.正确认识和有效推动高质量发展[J].宏观经济管理,2018(4):18-25.
[13]刘林,刘星宇.我国主动负债上市公司资本结构动态调整研究--兼论供给侧结构性改革“去杠杆”政策问题[J].改革与战略,2016,32(12):16-22.
[14]Jensen,M.,and W.Meckling.Theory of the Firm:Managerial Behavior,Agency Costs,and Capital Structure[J].Journal ofFinancial Economics,1976(3):305-360.
[15]Jeon,H.,and M.Nishihara.The Effects of Business Cycle and Debt Maturity on a Firm's Investment and Default Decisions[J].International Review of Economics&Finance,2015(38):326-351.
[16]Myers,S.C.Determinants of Corporate Borrowing[J].Journal of Financial Economics,1977(5):147-175.
[17]Parrino,R.,and M.SWeisbach.Measuring Investment Distortions Arising from Stockholder-Bondholder Conflicts[J].Journal of Financial Economics,1999,53(1):3-42.
[18]Lewis,C.M.,andY.Tan.Debt-equity Choices,R&D Investment and Market Timing[J].Journal of Financial Economics,2016,119(3):599-610.
[19]郭祎.金融去杠杆的本质与实现条件[J].改革,2018(4):73-81.
[20]吴军,白云霞.中国银行制度的变迁与国有企业预算约束的硬化--来自1999-2007年国有上市公司的证据[J].金融研究,2009(10):179-192.
[21]余明桂,潘红波.政府干预、法治、金融发展与国有企业银行贷款[J].金融研究,2008(9):1-22.
[22]罗党论,甄丽明.民营控制、政治关系与企业融资约束--基于中国民营上市公司的经验证据[J].金融研究,2008(12):164-178.
[23]钟宁桦,刘志阔,何嘉鑫,苏楚林,等.中国企业债务的结构性问题[J].经济研究,2016(7):102-117.
[24]方明月.先天优势还是后天努力--国企级别对全要素生产率影响的实证研究[J].财贸经济,2014,35(11):125-136.
[25]张前程,杨光.产能利用、信贷扩张与投资行为--理论模型与经验分析[J].经济学:季刊,2016,15(3):1507-1532.
[26]鲁晓东,连玉君.中国工业企业全要素生产率估计:1999-2007.经济学(季刊)[J],2012,(2):541-558.
[27]杨汝岱.中国制造业企业全要素生产率研究[J].经济研究,2015(2):61-74.