通货膨胀、上下游垂直生产结构与企业绩效--兼论通货膨胀在企业部门的再分配效应

Inflation,Vertical Production Structure and Performance of Enterprises:A Partial Disscussion of the Redistributive Effect of Inflation in the Enterprise Sector

本文运用2007—2021年中国A股上市公司的面板数据,基于上下游垂直生产结构,理论分析并实证检验了通货膨胀对不同类型企业的异质性影响。结果表明:(1)温和的通货膨胀能够显著地提升企业绩效;(2)由于上下游产业之间在企业资产结构与市场结构等方面存在显著的区别,通货膨胀对上下游企业存在相反的异质性影响,相对于下游非国有企业而言,上游国有企业多处于典型的顺周期行业,因此通货膨胀对其绩效水平的提升更高,但通货紧缩时的情况则完全相反;(3)这种再分配效应加剧了国有企业绩效的波动程度。受此影响,国有企业在金融危机之前经济高涨时期的业绩突出,绩效表现远高于同期非国有企业;而在金融危机之后受通货紧缩的进一步拖累,业绩下滑程度更甚于非国有企业。

Based on the vertical production structure of upstream and downstream,and using the panel data of Chinese A-share listed companies from 2007 to 2021.This paper theoretically analyzes and empirically tests the impact of inflation on the heterogeneity of different types of enterprises.The results show that:(1)Moderate inflation can significantly improve enterprise performance.(2)Due to the significant differences between the upstream and downstream industries in terms of enterprise asset structure and market structure,inflation has opposite heterogeneous effects on the upstream and downstream enterprises.Compared with downstream non-state-owned enterprises,the upstream state-owned enterprises are mostly in typical pro-cyclical industries,so inflation has a higher improvement on their performance level,but deflation is completely the opposite.(3)This redistribution effect exacerbates the volatility of state-owned enterprises'performance.As a result,the performance of state-owned enterprises in the economic boom period before the financial crisis was outstanding,and their performance was much higher than that of non-state-owned enterprises.In the aftermath of the financial crisis,performance fell even more,dragged down further by deflation.