非金融企业杠杆偏离对企业效率的影响

Impact of Leverage Deviation of Non-Financial Corporates on Enterprise Efficiency

中国非金融企业部门杠杆率居高不下的问题备受关注,但现有研究主要考察的是企业杠杆率的特征事实及企业资本结构与企业绩效的关系,较少从杠杆偏离视角进行深入考察。通过引入杠杆偏离度指标,以一个三部门内生增长模型为理论基础,以制度质量为时间轴,基于GTWAR方法,探究了非金融企业杠杆偏离影响企业效率的内在作用机理,深入分析了此影响的空间异质性。实证结果表明:全样本下,中西部地区非金融企业杠杆偏离对企业效率的减损程度高于东部地区非金融企业杠杆偏离对企业效率的提升程度;分行业样本下,东部地区资本密集型行业的企业表现为金融资本配置不足,西部地区资本密集型行业和中西部地区技术密集型行业中的企业表现为金融资本配置过度,劳动密集型行业中的企业多表现为资本配置合理。

The issue of higher leverage ratio in China’s non-financial enterprises has attracted much attention, but the existing literatures mainly examine the characteristics and facts of corporate leverage ratio and the relationship between corporate capital structure and corporate performance,rarely exploring it from the perspective of leverage deviation. By introducing the leverage deviation index and taking the institutional quality as the time axis, on the basis of a three-sector endogenous growth model, this paper explores the internal mechanism of the impact of leverage deviation on enterprise efficiency in non-financial enterprises, and analyzes the spatial heterogeneity of the impact with the GTWAR method. The empirical results show that under the full sample, the leverage ratio of non-financial enterprises in the central and western regions has a greater degree of loss reduction on enterprise efficiency than the degree of improvement of leverage ratio of non-financial enterprises in eastern regions on enterprise efficiency. Under the industry-classified samples, insufficient financial capital allocation can be seen in the enterprises in capital-intensive industries in the eastern region,while excessive financial capital allocation can be seen in the enterprises in the capital-intensive industries in the western region and in the technology-intensive industries in the central and western regions, and enterprises in the labor-intensive industries mostly show reasonable capital allocation.