中国过度负债企业去杠杆--基于资本结构动态调整视角

Research on Deleveraging of Excess Leverage Enterprises in China—Empirical Evidence Based on Dynamic Adjustment of Capital Structure of Listed Companies in China

本文采用2003—2017年沪深A股上市公司的数据,检验过度负债企业的资本结构动态调整,探讨其去杠杆化的内外部动力。研究发现:过度负债企业,尤其是非国企,其财务赤字越大、盈利能力越强、市值账面比越高,资本结构调整速度越快。规模较小或员工较少的过度负债国企,其财务赤字、盈利能力和市值账面比是其资本结构动态调整的内在动力。信贷配给导致过度负债国企缺乏去杠杆动力,市场竞争则推动其去杠杆。

Using the data of Shanghai and Shenzhen A-share listed companies from 2003 to 2017, this paper tested the dynamic capital structure adjustment of the enterprises with excessive leverage in China and analyzed the internal and external motives for these enterprises to complete deleveraging process. The research found that： for excessively leveraged enterprises, especially for the excessively leveraged SOEs, the greater the financial deficit, the stronger the profitability and the higher the market-to-book ratio, the faster the capital structure adjustment could be. Compared with other excessively leveraged SOEs, the financial deficits, profitability and market-to-book ratio were the intrinsic driving forces for small-sized excessively leveraged SOEs to accelerate their capital structure adjustment. While credit rationing led to the lack of incentive for these excessively leveraged SOEs to deleverage, market competition could play an active role in encouraging deleveraging.