摘要
选取2007—2017年中国A股上市公司作为研究样本,对企业杠杆率与全要素生产率之间的关系进行研究。研究发现,杠杆率与全要素生产率之间呈倒U型关系,适当地提高杠杆率有利于提升全要素生产率,但当杠杆率高于临界值后,杠杆率的提高则会降低全要素生产率。进一步分析发现,高杠杆对全要素生产率的抑制作用仅在大规模企业和低市场竞争环境中更加显著。
The paper takes a sample of Chinese A-share listed companies from 2007 to 2017 to study the relationship between corporate leverage and total factor productivity.The study shows that there is an inverted U relationship between leverage and total factor productivity.The appropriate increase of leverage is conducive to the improvement of total factor productivity.However,the increase of leverage will reduce total factor productivity when the leverage is higher than the threshold.Further analysis shows that the inhibiting effect of high leverage on total factor productivity is only more significant in large-scale enterprises and low market competition environment.
作者
盛明泉
张娅楠
胡之逊
SHENG Ming-quan;ZHANG Ya-nan;HU Zhi-xun(School of Accounting,Anhui University of Finance and Economics,Bengbu 233030,China)
出处
《哈尔滨商业大学学报（社会科学版）》
CSSCI
2019年第5期68-80,共13页
Journal of Harbin University of Commerce:Social Science Edition
基金
国家社会科学基金重点项目“激励机制错位与企业全要素生产率研究”(18AJY014)
安徽高校自然科学研究重大项目“企业全要素生产率提升视域下的激励机制优化研究”(KJ2018ZD043)
安徽财经大学研究生科研创新基金项目“股权激励与企业竞争力”(ACYC2017171)
关键词
杠杆率
全要素生产率
企业规模
市场竞争
leverage
total factor productivity
enterprise scale
market competition
