企业杠杆率分化、资源错配与高质量发展——经济政策不确定性视角的分析

Divergence of Firm Leverage,Resource Misallocation and High-quality Economic Development:From the Perspective of Economic Policy Uncertainty

本文基于1998—2013年工业企业数据,从经济政策不确定性(Economic Policy Uncertainty,EPU)的视角探讨企业部门的杠杆率分化与资源错配,研究发现:第一,EPU上升会扩大不同效益企业的杠杆率分化,高效益企业的杠杆率降幅是低效益企业的3.06倍;第二,融资约束差异是不同效益企业在EPU上升时杠杆率分化的重要原因,避险能力差异的影响则比较有限。高效益企业与低效益企业的杠杆率背离意味着金融资源投向的错配,并最终对企业部门的资产效益乃至经济可持续增长产生影响。

Based on the Chinese Industrial Enterprise Database from 1998 to 2013,this paper investigates the divergence of firm leverage ratio and resource misallocation from the perspective of economic policy uncertainty(EPU).We find that rising EPU will enlarge the leverage divergence of firms with different levels of performance,and the decrease of leverage ratio of high-performance firms is 3.06 times that of low-performance firms.Further study shows that financial constraints have huge impacts on this enlarged divergence when EPU rises,while the effect from risk aversion difference is limited.This enlarged divergence of leverage reflects the misallocation of financial resources,which exerts negative impact on the economic efficiency of corporate sector and the sustained growth of the economy.