供给侧结构性改革与企业杠杆率调整——基于上市工业企业数据的实证研究

Supply-Side Structural Reform and Business Leverage Ratio Adjustment:An Empirical Study Based on the Data of Listed Industrial Enterprises

使用2013—2018年中国上市工业企业数据,基于准自然实验方法对供给侧结构性改革与微观企业杠杆率调整之间的关系的研究表明,通过改善企业盈利状况、推动短期债务偿还以及降低企业扩张意愿,改革总体上促进了企业杠杆率降低,但这种促进效应在不同年度和不同类型的企业间存在异质性。降杠杆是改革促进企业全要素生产率提高的重要途径,这在非国有企业、制度质量较好地区以及原有研发创新基础较弱的企业中更为明显。上述结论表明,在当前实体经济增长压力较大的背景下,供给侧结构性改革需结合不同类型企业去杠杆的效果精准施策,进一步提高结构性去杠杆的效率。

By making use of the data of listed industrial enterprises in China over the period of 2013-2018,this paper studies the relationship between the supply-side structural reform and the microenterprise leverage ratio adjustment with the quasi-natural experimental method.The findings show that through improving the corporate profitability,promoting the short-term debt repayment and reducing the willingness of the enterprises to expand,the reform has generally promoted the reduction of the corporate leverage ratio,but this promotion effect is heterogeneous in different years and between different types of firms.Reducing leverage is an important way for the supply-side structural reform to promote the improvement of the total factor productivity of the enterprises,which is more significant among the non-state-owned enterprises,at the regions with better system qualities and among the enterprises with weaker R&D innovation foundations.The above conclusions indicate that in the context of the real economy under greater pressure of growth at present,the supply-side structural reform has to carry out the strategies precisely by integrating the effects of de-leveraging at different types of enterprises,so as to further improve the efficiency of de-leveraging of the structural reform.