去杠杆是否能提高企业的投资效率?——基于中国上市公司经验数据的实证分析  

Can De-leverage Improve the Investment Efficiency of the Enterprise? Empirical Research Based on Empirical Data of Chinese Listed Companies

作　　者：马红[1] 王元月[2] 

机构地区：[1]中国海洋大学管理学院,山东青岛266100 [2]中国海洋大学经济学院,山东青岛266100

出　　处：《证券市场导报》2017年第5期13-20,共8页Securities Market Herald

基　　金：教育部人文社科基金项目;"金融不稳定指标体系及其对宏观经济影响的测度模型研究"(11YJA790156);广义虚拟经济研究专项课题"广义虚拟经济视角下虚拟经济对企业投资行为的影响研究"(GX2015-1010(Y))

摘　　要：本文结合我国特殊的制度环境,研究去杠杆提高我国企业投资效率的有效性。研究结果表明:从整体看,债务杠杆与我国企业的投资效率之间呈现倒U型的非线性关系。进一步研究其影响机制发现,融资约束程度、投资过度或不足的差别都是造成债务杠杆与企业投资效率之间呈现非线性关系的重要原因。此外考虑企业内外部因素的调节效应,债务杠杆的下降对企业投资效率提高的促进作用在国有企业和成长性较差的企业(微观因素)、在行业竞争性较小的企业(中观因素)、在金融发展水平较低的地区、货币政策宽松时期(宏观因素)更为显著。According to the special institutional environment in china, this paper studies the effectiveness of de-leverage on investment efficiency of enterprises. The results show that, on the whole, the nonlinear relationship between debt leverage and investment efficiency of Chinese enterprises is inverted ＂U＂ type. Further research on the impact mechanism shows that the degree of financing constraints, the difference of investment over or under are the important reasons of the nonlinear relationship between debt leverage and investment efficiency. To further consider the moderating effect of internal and external factors of enterprises, the promoting effect of de-leverage on the investment efficiency of enterprises in the enterprises of state- owned or poor growth （micro factors）, in the industry less competitive（medium factor）, in areas with poor financial environment or during the period of monetary policy easing （macro factors）is more significant.

关 键 词：债务杠杆 投资效率 上市公司 去杠杆 

分 类 号：F275[经济管理—企业管理] F832.48[经济管理—国民经济]