债务期限分散与企业高质量发展

Debt Maturity Dispersion and High-Quality Development of Enterprises

在中国扩大内需、发展实体经济的新发展格局之下,推动企业高质量发展至关重要。利用2010—2021年中国A股上市公司数据,实证研究了债务期限分散对企业高质量发展的影响。研究发现,债务期限分散能显著促进企业高质量发展且债务期限分散在促进企业高质量发展中存在单门槛效应,当年度到期债务占比小于6.2%时,才能显著促进企业高质量发展。调节效应检验表明,地方政府财政赤字和地区税务水平均会削弱债务期限分散对企业高质量发展的促进作用。机制检验发现,债务期限分散主要通过降低债务融资成本和企业财务风险来促进企业高质量发展。异质性分析结果表明,对于数字化转型程度低、研发投入多的企业,债务期限分散对企业高质量发展的促进作用更大。建议政府实施差异化的企业债务融资监管策略,积极引导企业优化债务结构,保持合理的债务期限分散水平,减少债务展期风险,从而促进企业高质量发展。

Under the new development pattern of expanding domestic demand and developing the real economy in China,it is crucial to promote the high-quality development of enterprises.Utilizing data from China'a A-share listed companies from 2010 to 2021,this study empirically investigates the impact of debt maturity dispersion on the high-quality development of enterprises.The findings reveal that debt maturity dispersion significantly promotes the high-quality development of enterprises.There exists a single threshold effect in the process of debt maturity dispersion promoting the high-quality development of enterprises,and it is effective only when the proportion of debt maturing within a year is less than 6.2%.The moderating effect shows that local policy fiscal deficit and regional tax level will diminish the influence of debt maturity dispersion on promoting high-quality development.Mechanism test shows that debt maturity dispersion mainly promotes high-quality development of enterprises by reducing debt financing costs and enterprise financial risk.Heterogeneity analysis shows that the promotion effect is stronger for enterprises with a lower level of digital transformation and more R&D investment.The government should implement differentiated corporate debt financing supervision strategies,and actively guide enterprises to optimize their debt structure,maintain a reasonable level of debt maturity dispersion,reduce the risk of debt rollover,so as to promote high-quality development.