去杠杆政策能抑制资本错配吗?--基于双重差分模型

Can Deleveraging Policy Curb Capital Mismatches?--Based on the Differences-in-Differences Model

去杠杆是防范化解重大风险的基本举措。本文以2014〜2019年沪深A股上市公司为样本,运用双重差分模型实证分析去杠杆政策对企业营业活动间资本错配的影响。实证结果表明,落实去虹杆政策,可以有效抑制企业营业活动间资本错配;且中介效应检验t现,去杠杆政策通过增加融资约束抑制了企业资本错配。本文的结论丰富了去杠杆政策和资本错配相关领域研究,为有关政策的有效推行提供了参考。

Deleveraging policy is the basic idea to be adhered to in order to prevent and defuse major risks.Based on the sample of listed companies in Shanghai and Shenzhen A-shares from 2014 to 2019,this paper uses the Differences-in-Differences model to empirically analyze the impact of deleveraging policy on capital mismatches between business activities.Empirical results show that the implementation of deleveraging policy can effectively curb the mismatch between business activities of enterprises,and the intermediary effect test found that the deleveraging policy by increasing financing constraints to suppress the mismatch of capital.The research conclusions of this article enrich the theoretical research on deleveraging policy and capital mismatch,and provide reference for the effective implementation of relevant policies.