经营负债杠杆与金融负债杠杆效应的差异性检验

Study on the Difference between Operating Liabilities Leverage and Financing Liabilities Leverage

本文将企业的负债划分为经营负债与金融负债,以2001—2005年期间沪深两市A股上市公司为样本,比较检验了经营负债杠杆与金融负债杠杆对公司创值能力和成长性影响的差异性。结果发现:①经营负债杠杆比金融负债杠杆对公司的创值能力和成长性产生更大更显著的积极效应,即拥有更多的经营负债更能提升公司的创值能力和成长性;②两种负债的杠杆效应均存在"规模效应",即公司的规模越小,杠杆效应越强;③金融负债杠杆与经营负债杠杆具有显著的互补性,即随着金融负债杠杆比率的增加,经营负债杠杆效应会显著增强;反之亦然。显然,本文的研究结论对企业制定其负债安排策略具有一定的启示意义。

The paper divides the firm's liabilities into operating liabilities and financing liabilities,compares and tests the difference between operating liabilities leverage and financing leverage on the firm's value-creation ability and growth by sampling A-share listed firms from the Shanghai and Shenzhen Stock Exchanges for the period from 2001 to 2005.The results show that operating liabilities leverage produces more significant and positive effect than financing leverage on the value-creation ability and growth.That is holding higher operating liabilities more lever the firm's value-creation ability and growth.The leverage effect of two liabilities exists'Size Effect',that is the smaller the size is,the more leverage affect is.Financing leverage and operating liabilities leverage possess significant complementary nature.The conclusion is an instructive significance for the firms to design their liabilities strategy.