资产结构错配与企业高质量发展--技术创新与融资约束的中介效应

The effect of asset structure mismatch on the high quality development of enterprises--The mediation effect of technological innovation and financing constraints

企业高质量发展是中国经济高质量发展的微观基础,企业高质量发展需要高质量的资产结构配置.本文以2010–2020年A股上市公司数据为样本,研究企业资产结构错配对其高质量发展的影响,并检验技术创新和融资约束在二者间的中介效应.研究发现:资产结构错配显著抑制了企业高质量发展.在中介机制方面,技术创新起到了显著的部分中介效应,资产结构错配通过削弱企业的技术创新能力进而阻碍了企业高质量发展;融资约束起到了遮掩效应,资产结构错配通过加剧企业融资约束进一步阻碍了企业高质量发展.以上结论在进行稳健性检验后依然成立.进一步研究表明:除应收账款外,各类型的资产错配在整体上均不利于企业高质量发展,并且资产结构错配对企业高质量发展不同维度的影响也存在差异.此外,资产结构错配对企业高质量发展的负向影响在国有与非国有企业、大规模与小规模企业、东部地区与中西部地区企业以及低研发强度的企业中显著,但在高研发强度的企业中不显著.研究结论能够为有效缓解企业资产结构错配、优化战略部署、提升技术创新水平、改善融资约束以及促进企业高质量发展提供借鉴.

The high-quality development of enterprises is the micro foundation for the highquality development of China’s economy,and high-quality development of enterprises requires high-quality asset structure allocation.Based on the data of A-share listed companies from 2010 to 2020,this paper studies the impact of corporate asset structure mismatch on the high-quality development of enterprises,and tests the mediation effect of technological innovation and financing constraints between them.Research has found that asset structure mismatch significantly hinders the high-quality development of enterprises.In terms of mechanism,technological innovation has played a significant part of the mediation effect,and asset structure mismatch has hindered the high-quality development of enterprises by weakening their technological innovation capabilities;Financing constraints have a masking effect,and asset structure mismatch further hinders the high-quality development of enterprises by exacerbating financing constraints.The above conclusions are still valid after the robustness test.Further research shows that,except for accounts receivable,asset mismatches of various types are generally not conducive to high-quality development of enterprises,and the impact of asset structure mismatches on different dimensions of high-quality development of enterprises varies.Moreover,the negative impact of asset structure mismatch on the high-quality development of enterprises is significant in state-owned and non-state-owned enterprises,large-scale and small-scale enterprises,enterprises in the eastern and central western regions,and enterprises with low R&D intensity,but not significant in enterprises with high R&D intensity.The research conclusion can provide reference for effectively alleviating asset structure mismatch,optimizing strategic deployment,enhancing technological innovation level,improving financing constraints,and promoting high-quality development of enterprises.