金融市场化促进了企业部门结构性去杠杆吗?——来自中国制造业企业的证据

Has Financial Marketization Promoted Structural Deleveraging in the Corporate Sector?Evidence from Chinese Manufacturing Companies

文章利用2008−2013年工业企业数据库的数据,系统考察了金融市场化对企业杠杆率的影响,并通过面板门槛回归重点分析了金融市场化在企业部门结构性去杠杆中的作用。以企业的盈利能力作为门槛,实证结果显示:(1)金融市场化通过调节信贷资源配置对企业杠杆率存在非线性影响,一方面金融市场化会降低盈利能力弱企业的杠杆率;另一方面会提高盈利能力强企业的杠杆率,在一降一增的过程中实现企业部门结构性去杠杆的目标。但是,这个过程会受到预算软约束等“非市场化”因素的影响。(2)金融市场化对国有企业结构性去杠杆的作用不明显,对非国有企业的影响显著。(3)金融市场化对东部地区企业结构性去杠杆作用明显,对中、西部地区影响有限。因此,在供给侧改革的“去杠杆”过程中,需要特别关注企业部门内部杠杆的结构性,减少非市场化因素导致的跨企业资源错配,加快中西部地区金融市场化的进程。

Since the outbreak of the financial crisis in 2008,China’s leverage ratio has surged,especially in the corporate sector,which has created great hidden dangers for the economic development of our country.Deleveraging is an important measure to prevent and resolve systemic financial risks.Particularly,although the economy of our country is currently operating smoothly,it is also facing downward economic pressure due to some domestic and foreign factors.To properly handle the relationship between“deleveraging”and“stable growth”,it is necessary to not only continue deleveraging so as to prevent accumulative risks,but also prevent the intensive risk outbreak of high-indebted companies,and avoid the need for reasonable investment and financing of low-indebted companies being not satisfied.For this reason,the central government proposed“structural”deleveraging.How to accomplish the goal of structural deleveraging has become the focus of the government and academic circles.This paper demonstrates how financial marketization promotes structural deleveraging in the corporate sector from a theoretical and empirical perspective.Theoretical analysis shows that financial marketization improves the efficiency of cross-enterprise resource allocation so that more resources flow to profitable companies,which promotes the structural deleveraging of the corporate sector in the process of resource mobility between strong and weak companies.In order to verify the hypothesis proposed in the theoretical part,this paper uses the data from the industrial enterprise database from 2008 to 2013 to empirically examine the impact of financial marketization on corporate leverage.By using the panel threshold regression,we analyze the impact of financial marketization on the structural deleveraging of corporate sector.Taking the profitability of enterprises as the threshold,the empirical results show that:(1)Financial marketization has a non-linear impact on corporate leverage by adjusting the allocation of credit resources:On the one hand,financial marketization will reduce the leverage of companies with weak profitability,which will increase the leverage ratio of companies with strong profitability,and achieve the goal of structural deleveraging in the corporate sector in the process of one reduction and one increase.However,this process will be affected by“non-marketization”factors such as soft budget constraints.(2)Financial marketization has little effect on the structural deleveraging of state-owned enterprises,and has a significant impact on non-stateowned enterprises.(3)Financial marketization can obviously promote the structural deleveraging of corporate sector in the eastern region,and the impact on the central and western regions is limited.Therefore,in the“deleveraging”process of supply-side reforms,special attention should be paid to the structural nature of leverage within the corporate sector,to reduce cross-enterprise resource misallocation caused by non-marketization factors,and to accelerate the process of financial marketization in the central and western regions.