摘要
企业杠杆所引起的产能过剩对企业转型升级产生长期深远的影响。本文以2009—2018年在沪深A股上市的兵团企业为研究样本,实证研究了企业杠杆、产能过剩与企业转型升级三者关系。研究发现:企业杠杆越高,企业债务融资的期限越长、成本越低,将越容易形成企业的产能过剩。产能过剩在一定程度上倒逼企业转型升级,产能过剩与企业转型升级存在非线性关系;企业高杠杆对产能过剩与企业转型升级关系具有负向调节作用。根据研究结论,提出以下对策建议。首先,健全企业进入与退出机制,有效化解过剩产能;其次,加强银行等金融机构对企业信贷资金的管理;最后,积极引进高新技术,鼓励企业创新。
The overcapacity caused by corporate leverage has a long-term and far-reaching impact on corporate transformation and upgrading.Taking XPCC enterprises listed on Shanghai and shenzhen a-shares from 2009 to 2018 as research samples,this paper analyzes the relationship between corporate leverage,overcapacity and corporate transformation and upgrading.The study found that:the higher the corporate leverage,the longer the maturity of corporate debt financing,the lower the cost,the more likely the formation of corporate overcapacity.Overcapacity forces enterprises to transform and upgrade to a certain extent,and there is a non-linear relationship between overcapacity and enterprise transformation and upgrading.High corporate leverage has a negative regulating effect on the relationship between overcapacity and corporate transformation and upgrading.According to the research conclusions,first of all,we should improve the mechanism for enterprises to enter and exit,and effectively reduce excess capacity.Secondly,strengthen the management of enterprise credit funds by Banks and other financial institutions;Finally,we should introduce new and high technologies and encourage enterprises to innovate.
作者
谢婷婷
高丽丽
Xie Tingting;Gao Lili(School of Finance,Xinjiang University of Finance and Economics;School of Economics and Management,Shihezi University,Xinjiang China)
出处
《金融发展评论》
2019年第10期131-145,共15页
Financial Development Review
基金
国家自然科学基金“整体性治理视阈下深度贫困地区精准脱贫多元主体协同机制研究”(编号:41801119)
国家社会科学基金项目“新疆少数民族地区扶贫开发中的金融支持问题研究”(编号:13XMZ075)
新疆维吾尔自治区人文社会科学重点研究基地兵团屯垦经济研究中心项目“新疆绿色经济可持续发展与政府行为研究”(编号:XJEDU020217C05)
兵团社科基金项目“兵团全面深化改革下金融风险识别、测度与防范研究”(编号:18YB15)
石河子大学兵团金融发展研究中心资助项目“新疆金融支持农村精准扶贫的困境及优化对策研究”(编号:ZZZC201725A)
石河子大学兵团金融发展研究中心资助项目“新疆普惠金融发展测度及收入效应研究”(编号:ZZZC201844A)
关键词
企业杠杆
产能过剩
企业转型升级
Enterprise Leverage
Overcapacity
Enterprise Transformation and Upgrading
