比较优势与企业杠杆率——基于新结构经济学的研究视角

Comparative Advantages and Leverage Rates of Firms:From the Perspective of New Structural Economics

基于新结构经济学的视角,文章分析了企业高杠杆现象出现的深层次原因,提出了违背比较优势的企业具有更高的杠杆率的假说,并利用1998~2013年中国工业企业数据库的面板数据对该假说进行检验。实证结果表明,遵循比较优势的企业的杠杆率较低,违背比较优势的企业可能具有更高的杠杆水平。因为进入不符合比较优势行业的企业的生产效率和盈利能力低,不得不通过借债的方式来获得资金开展经营活动、维持企业日常运行,但由于企业不具备自生能力,其结果是债务不断累积与杠杆率持续走高。

From the perspective of new structural economics,this paper analyzes the underlying causes of the phenomenon of high leverage in firms.We put forward the hypothesis that companies violating comparative advantages might have higher leverage ratios and test it with the panel data of the China Industrial Firms Database from 1998 to 2013.The results are that firms following comparative advantages have lower leverage rates,whereas those that violate comparative advantages are more likely to have higher leverage rates.It is because firms violating the comparative advantages have lower productive efficiency and poorer profitability,which causes them to have to rely on debt to carry out business activities and maintain the daily operation.However,those companies don't have the viability,resulting in the steady accumulation of debt.