企业金融化与债务杠杆——基于融资约束的视角

Corporate Financialization and Leverage ——Based on the Perspective of Financing Constraints

本文以2007-2017年沪深两市A股上市企业为样本,从融资约束的视角系统的考察了企业金融化程度的变化对其债务杠杆水平的影响。结果显示,企业金融化程度对其债务杠杆有较为显著的抑制作用,这种作用在融资约束较强是更为显著。此外,本文还从微观企业层面的财务柔性和宏观市场层面的市场化程度两个方面进一步分析,发现企业金融化程度对债务杠杆的制约作用在企业财务柔性较高和市场化程度较低时更为显著。因此,国家在推进去杠杆的过程中,应该考虑企业所面临的微观和宏观环境,制定适当的政策。

Based on the sample of A-share listed companies in Shanghai and Shenzhen stocks from 2007 to 2017,this paper systematically examines the impact of changes in the degree of financialization of enterprises on their debt leverage levels from the perspective of financing constraints.The results show that the degree of financialization of enterprises has a more significant negative effect on their debt leverage,and this effect is more significant in terms of stronger financing constraints.In addition,this paper fatherly analyzes the financial flexibility at the micro-enterprise level and the degree of marketization at the macro-market level.It is found that the degree of financialization of enterprises has a greater effect on debt leverage when the financial flexibility of enterprises is higher and the degree of marketization is lower.To be significant.Therefore,in the process of promoting de-leverage,the government should consider the micro and macro environment faced by enterprises and formulate appropriate policies.