过度负债企业去杠杆:程度、持续性及政策效应——来自中国上市公司的证据

被引：228

作者：

许晓芳

周茜

陆正飞

机构：

[1] 北京大学光华管理学院

来源：

经济研究 | 2020年 / 55卷 / 08期

基金：

中国博士后科学基金;

关键词：

过度负债; 去杠杆; 产权性质; 行政层级; 可持续性;

D O I：

暂无

中图分类号：

F832.51 []; F275 [企业财务管理];

学科分类号：

120206 [财务管理];

摘要：

2008年"四万亿"经济刺激计划实施之后,我国企业杠杆水平不断攀升。为了防范金融风险,必须降低过度负债企业的杠杆水平。本文以我国非金融类上市公司为研究对象,实证检验了过度负债与去杠杆之间的关系。研究发现,过度负债企业更可能去杠杆,去杠杆程度也更高,且过度负债程度越高,去杠杆的可能性和程度也越高,但上述关系在国企中表现相对较弱;我国强制去杠杆政策的实施,进一步提高了过度负债的非国企和央企的去杠杆程度。本文的研究拓展和深化了资本结构和"中国式去杠杆"影响因素以及过度负债经济后果方面的文献,也为进一步优化我国结构性去杠杆工作提供了经验证据和政策参考。

引用

页码：89 / 104

页数：16

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