杠杆率会影响全要素生产率吗——基于企业和地区异质性的视角

Will Leverage Affect Total Factor Productivity——Based on the Perspectives of Enterprise and Regional Heterogeneity

提升企业效率是我国经济高质量发展的必由之路。本文以2014—2018年的创业板企业为研究对象,以全要素生产率为企业效率的主要衡量指标,从多个角度实证分析了企业杠杆率对全要素生产率的影响方式和作用程度。研究表明:企业杠杆率与全要素生产率之间存在倒U型关系,且这种关系主要来源于民营企业,而在国有企业则呈U型,且影响十分微弱;企业规模抑制了杠杆率对全要素生产率的影响;进一步,考虑地区异质性后发现,在发展水平越低的地区,企业杠杆率与全要素生产率之间的关系越显著。

Improving enterprise efficiency is the only way for China’s high-quality economic development.This paper took the enterprises on GEM from 2014 to 2018 as research samples,and set total factor productivity as the main measurement index of corporate efficiency,then empirically analyzed the ways and extent of corporate leverage affecting total factor productivity from multiple perspectives.Studies showed that,there was an inverted U-shaped relationship between corporate leverage and total factor productivity,and this relationship was mainly derived from private enterprises.While the relationship in state-owned enterprises showed an U-shape,and the impact was very weak.Furthermore,the size of the enterprises suppressed the impact of leverage on total factor productivity.After further considering regional heterogeneity,it was found that,the mentioned relationship was more stronger in more backward regions.