债务杠杆对企业全要素生产率的影响及作用机制--基于中介效应模型的分析

The Effect and Mechanism of Debt Leverage on Enterprise Total Factor Productivity--An Analysis Based on the Mediation Effect Model

基于2007-2019年中国上市公司数据,通过构建中介效应模型,研究债务杠杆对企业全要素生产率的影响关系及作用机制。研究表明:企业债务杠杆在总体上对TFP具有显著的负向影响,但短期杠杆较长期杠杆对TFP的伤害更大;企业债务杠杆主要通过增加财务成本、降低资本利用效率和劳动使用效率对企业未来的TFP产生不利影响;大规模企业、国有企业以及高融资约束企业受到债务杠杆的影响程度更大。

This paper takes the data of listed companies in China from 2000 to 2017 as a sample,and studies the relationship and mechanism between enterprise leverage and total factor productivity(TFP)by constructing a mediation effect model.The research shows that:(1)enterprise debt leverage has a significant negative impact on TFP in general,but short-term leverage is more harmful to TFP than long-term leverage;(2)enterprise debt leverage will adversely affect the future TFP by increasing financial costs,reducing capital efficiency and labor efficiency;(3)Large-scale enterprises,state-owned enterprises,and companies with high financing constraints are more affected by debt leverage.