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宏观金融杠杆对企业资源配置效率的影响

Influence of Macro-financial Leverage on Enterprise Resource Allocation Efficiency
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摘要 高杠杆的潜在风险引起了政策制定者和相关领域学者的广泛关注。自2016年起,我国就把“去杠杆”和“稳增长”放在重要的位置,这也引发了对于宏观金融杠杆、去杠杆等相关问题的学术研究热潮。从实体企业的思考,宏观金融杠杆会如何对微观企业产生作用呢?宏观金融杠杆对实体企业的资源配置是单一的线性影响吗?还是存在一个由正转负的边界?基于上述背景,本文以2012-2021年我国非金融行业上市公司的季度财务数据为样本,通过理论分析和实证研究相结合的方式探究宏观金融杠杆和企业资源配置效率之间的关系,研究结果表明这两者之间存在倒U型关系,即宏观金融杠杆水平的升高会导致企业资源配置效率先升后降。此外,进一步分析表明,企业的融资约束能够改变宏观金融杠杆对企业资源配置效率的倒U型关系,具体表现为,在倒U形关系左侧,融资约束强化了宏观金融杠杆对企业资源配置效率的促进作用,同时在倒U形关系右侧,融资约束加强了宏观金融杠杆对企业资源配置效率的削弱作用。 The potential risks of high leverage have attracted widespread attention from policy makers and scholars in related fields.Since 2016,China has placed"deleveraging"and"stable growth"on an important position,which has triggered a wave of academic research on macro financial leverage,deleveraging and other related issues.From the perspective of real enterprises,how does macro-financial leverage affect microenterprises?Is macro-financial leverage a single linear effect on the resource allocation of real enterprises?Or is there a boundary from positive to negative?Based on the above background,this paper takes the quarterly financial data of Chinese listed companies in non-financial industry from 2012 to 2021 as samples to explore the relationship between macro-financial leverage and enterprise resource allocation efficiency by combining theoretical analysis and empirical research.The research results show that there is an inverted U-shaped relationship between the two.That is,the increase of the level of macro-financial leverage will lead to the rise of enterprise resource allocation efficiency and then decline.In addition,further analysis shows that corporate financing constraints can change the inverted U-shaped relationship between macro-financial leverage and corporate resource allocation efficiency.Specifically,on the left side of the inverted U-shaped relationship,financing constraints strengthen the promoting effect of macro-financial leverage on corporate resource allocation efficiency.Meanwhile,on the right side of the inverted U-shaped relationship,financing constraints strengthen the weakening effect of macro-financial leverage on the efficiency of enterprise resource allocation.
作者 赖金露 Jinlu Lai(HubeiWater Resources Technical College,Wuhan 430064,Hubei)
出处 《经济管理学刊(中英文版)》 2024年第1期11-23,共13页 Economic Management Journal
关键词 宏观金融杠杆 企业资源配置效率 倒U型关系 融资约束 Macro-financial Leverage Enterprise Resource Allocation Efficiency Inverted U-shaped Relationship Financing Constraint
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