去杠杆、盈利状况与企业发展研究——基于煤炭行业上市公司的实证分析

Research on deleverage,profitability and corporate development——An empirical analysis based on listed companies in the coal industry

以煤炭行业为例,通过28个煤炭企业的面板数据深入探究不同成长能力、企业规模的公司去杠杆过程对盈利状况的影响,并按照成长能力与公司规模将样本组分类后进行实证检验。研究发现:由于预算软约束、企业杠杆与盈利"倒U型"非线性关系的存在,企业去杠杆短期对盈利状况有正面影响,成长能力较低、规模较小的企业去杠杆对企业盈利状况的影响更为显著。企业应当采取稳健的去杠杆策略,找到最优债务杠杆比例,调整企业的资本结构,着力加强供给侧结构性改革,优化供给结构,使要素实现最优配置,提高供给体系质量和效率,增强企业创新能力,改善煤炭企业的资产结构和状况,进而提高企业可持续发展动力。

Based on the micro-perspective,this paper analyzed the impact of corporate deleveraging on its profitability. Taking a high-leverage industry such as coal industry as an example,this paper deeply explores the impact of corporate deleveraging process on profitability through panel data of 28 coal enterprises with different growth capabilities and enterprise scales,and then classifies the sample groups according to growth capabilities and company scales and conducts empirical tests. The study found that due to the existence of soft budget constraints and the "inverted U"non-linear relationship between corporate leverage and profitability,corporate deleveraging has a positive impact on profitability in the short term,and the impact of corporate deleveraging on profitability was more significant for enterprises with lower growth capacity and smaller scale. Enterprises should adopt a sound strategy of deleveraging,find the optimal debt leverage ratio,adjust the capital structure of enterprises,focus on strengthening the structural reform of the supply side,optimize the supply structure,achieve the optimal allocation of factors,improve the quality and efficiency of the supply system,enhance the innovation ability of enterprises,improve the asset structure and status of coal enterprises,and then improve the motive force of sustainable development of enterprises.