周期性对企业杠杆率的影响——以河南省为例

Periodicity affected to leverage ratio of enterprises——with Henan Province as example

选取河南省2008—2016年上市公司面板数据,实证研究了行业周期性、经济周期性与企业生命周期性对企业杠杆率的影响,结果表明,与非周期性行业相比,周期性行业的杠杆率要高,受经济周期性的影响,周期性行业在经济扩张期的杠杆率比经济紧缩期要高,受企业生命周期性的影响,周期性行业在企业初创期的杠杆率比企业成熟期要高。最后,依托河南省企业杠杆率结构性特征与现状,对河南省非金融企业去杠杆化路径选择给出相关建议。

The selected panel data of Henan listing companies from 2008—2016 were applied to demonstrate and study the industrial periodicity,economic periodicity and enterprise life periodicity affected to the leverage ratio of the enterprises. The results showed that in comparison with the non-periodicity industry,the leverage ratio of the periodicity industry would be higher and would be affected by the economic periodicity. In the economic expansion period,the leverage ratio of the periodicity industry would be higher than the economic retrenchment period and would be affected by the enterprise life periodicity. In the initial stage of the enterprise,the leverage ratio of the periodicity industry would be higher than the mature stage of the enterprises. Finally,based on the leverage ratio structure features and present status of the enterprises in Henan,the related proposals were provided on the deleveraging path selection of the non-financial enterprises in Henan Province.