摘要
对僵尸企业的处置问题关系到我国化解过剩产能与供给侧结构性改革,债务重组是推动僵尸企业出清的重要方式之一。通过以2011—2020年沪深两市A股上市公司为样本识别出僵尸企业,采用固定效应模型,实证研究债务重组后其是否存在绩效改善。实证结果表明:债务重组能够降低僵尸企业杠杆率,提高其盈利能力,此效应在具备一定盈利能力的低杠杆僵尸企业更为突出;企业杠杆率和存货周转为债务重组效应发挥作用的传导变量。因此,处置僵尸企业需要根据僵尸企业自身经营特征针对性进行,淘汰不具有价值的僵尸企业。
The disposal of zombie enterprises is related to our country's resolution of excess capacity and supply-side structural reform.Debt restructuring is one of the important ways to clear zombie companies.This paper uses the A-share listed companies in Shanghai and Shenzhen Stock Exchanges from 2011 to 2020 as a sample to identify zombie enterprises.It studies whether there is a performance improvement after debt restructuring through a fixed-effects model.The results show that debt restructuring can reduce the leverage ratio of zombie enterprises and improve their profitability.This effect is more prominent in low-leverage zombie enterprises with certain profitability,and corporate leverage ratio and inventory turnover are the transmission variables for the debt restructuring effect.Therefore,the disposal of zombie enterprises needs to be implemented according to their own business characteristics,and the useless zombie enterprises should be eliminated.
作者
葛倍瑞
GE Beirui(Central South University of Forestry&Technology,Changsha,Hunan 410004,China)
出处
《山西财政税务专科学校学报》
2022年第3期27-32,37,共7页
Journal of Shanxi Finance & Taxation College
关键词
僵尸企业
债务重组
固定效应模型
中介效应
zombie enterprises
debt restructuring
Fixed-effects Model
mediating effect
作者简介
葛倍瑞(1997-),女,四川内江人,中南林业科技大学经济学院硕士研究生,研究方向:企业风险管理。
