摘要
将去杠杆政策的实施作为一个准自然实验,以2012—2019年国有非金融类A股上市公司为样本,对“结构性”去杠杆政策的实施效果进行实证检验。研究结果显示:(1)去杠杆政策会降低企业金融资产配置占比,并显著作用于非科创型行业的企业,同时减弱了金融化对企业创新的抑制作用;(2)引入政府补助和银行贷款两大重要融资渠道的调节机制,可以证实政企关系和银企关系在去杠杆政策对企业金融化程度影响中的弱化作用;(3)长期负债强化了去杠杆政策对企业金融化的抑制作用,同时有助于去杠杆政策弱化企业金融化对创新的“挤出效应”。
Taking the implementation of the deleveraging policy as a quasi-natural experiment,this paper takes the state-owned non-financial A-share listed companies in China from 2012 to 2019 as samples to empirically test the implementation effect of the structural deleveraging policy.The results are shown as follows.Firstly,the deleveraging policy can reduce the proportion of financial asset allocation of enterprises,and significantly affect the non scientific and innovative industries.At the same time,the policy weakens the inhibitory effect of financialization on enterprise innovation.Secondly,by introducing the regulation of two important financing channels—government subsidies and bank loans,the weakening role of government enterprise relationship and bank enterprise relationship in the influence of deleveraging policy with the degree of enterprise financialization can be confirmed.Thirdly,long-term debt strengthens the inhibition of deleveraging on financialization,also strengthens the deleveraging policy and weakens the crowding out effect of financialization on its innovation.
作者
窦炜
张书敏
DOU Wei;ZHANG Shumin(Huazhong Agricultural University,Wuhan 430070)
出处
《首都经济贸易大学学报》
CSSCI
北大核心
2021年第4期11-27,共17页
Journal of Capital University of Economics and Business
基金
教育部人文社会科学研究规划基金项目“混合所有制改革背景下的企业集团控制权和投资结构异化问题研究”(17YJA630012)
华中农业大学中央高校基本科研业务费专项基金项目“混合所有制改革背景下实体经济企业集团投资结构异化问题研究”(2662021JGPYG03)。
关键词
“结构性”去杠杆
金融化
创新研发投资
负债率
科创型企业
structural deleveraging
financialization
innovation R&D investment
asset-liability ratio
technological innovation enterprises
