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为防范杠杆率过高对企业高质量发展的不良影响，中央政府于2016年出台了《国务院关于积极稳妥降低企业杠杆率的意见》。以此为准自然实验利用广义双重差分法检验“去杠杆”政策对企业创新的影响，研究发现：第一，“去杠杆”政策显著地促进了以专利产出为表征的企业创新；第二，“去杠杆”政策对企业创新的促进效应可以通过提高经营绩效和优化债务结构实现；第三，“去杠杆”政策同时促进了国有企业和非国有企业创新，但促进国有企业创新只能通过优化债务结构实现，而促进非国有企业创新则可同时通过提高经营绩效和优化债务结构实现。以上研究结论不仅从创新视角支持了供给侧结构性改革的成效，而且丰富了杠杆率影响企业创新的机制研究。
Abstract：In order to prevent the negative impact of excessive leverage on the high-quality development of enterprises,the central government issued the“Opinions of the State Council on Actively and Steadily Reducing Enterprise Leverage Ratio”in 2016.Taking this as a quasi-natural experiment,this paper uses the generalized difference in difference model to investigate the impact of the“deleveraging”policy on enterprise innovation.The research finds that,first,the“deleveraging”policy has significantly promoted enterprise innovation in terms of patents output.Second,the promoting effects of“deleveraging”policy derive from improving operational performance and optimizing enterprise debt structure.Third,the“deleveraging”policy stimulates enterprises'innovation for both SOEs and non-SOEs.The promotion for SOEs innovation is mainly achieved by optimizing the debt structure,but promotion for non-SOEs innovation can be achieved through both improving the performance and optimizing the debt structure.The conclusion not only supports the effectiveness of supply side structural reform from the perspective of innovation,but also enriches the research on the mechanism of impact of leverage ratio on enterprise innovation.
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(1)数据来源于中国社会科学院发布的历年《中国杠杆率报告》。
(2)数据通过WIND数据库整理计算而得,企业已获利息倍数指企业息税前利润与利息费用的比率,用以衡量企业偿付借款利息的能力。
(3)数据整理自Wind数据库,流动资产占比=流动资产/资产总额,流动负债占比=流动负债/负债总额。
(4)1906年全国范围内废除科举,所以找不到不受影响的省份,但根据每个省份科举名额的配比即可获得废除科举对不同省份的不同影响,此时将科举名额配比作为处理分组便是连续型变量。
(5)“短债长用”是企业债务与资产的期限结构错配问题。在企业中,短期负债占负债总额的比重大于短期资产占资产总额的比重意味着,企业长期负债较少,需要不断滚动短期债务以支持长期投资,这不仅会引发企业的流动性风险,而且会阻碍企业长期发展。因此,“短期负债占比—短期资产占比”的差越大,表示企业“短债长用”程度越高。
(6)具体思路和该方法的有效性说明可参见Lewbel(1997)原文。
(7)鉴于发明专利最能体现企业创新的实力和水平,因此在第五章的作用机制检验和异质性分析中只采用企业发明专利申请数量进行回归。
基本信息:
DOI：10.14134/j.cnki.cn33-1336/f.2023.05.004
中图分类号:F273.1
引用信息:
[1]王桂军,张辉,唐毓璇.“去杠杆”政策与企业创新：来自广义双重差分的证据[J].商业经济与管理,2023,No.379(05):43-60.DOI:10.14134/j.cnki.cn33-1336/f.2023.05.004.
基金信息:
教育部哲学社会科学重大项目“建设现代化经济体系的路径与策略研究”(18JZD029);教育部哲学社会科学重大项目“数字化时代世界资本主义新变化新问题研究”(22JZD006); 国家社会科学基金重大项目“货币政策分配效应与缩小收入和财富差距的有效路径研究”(20&ZD105)
2023-05-15
2023-05-15