去杠杆、稳杠杆与企业资本结构——基于实施效果与实现路径的检验  

Deleverage,Stabilization of Leverage and Corporate Capital Structure——Based on Implementation Effects and Paths

作　　者：沈昊旻 程小可[1] 杨鸣京 SHEN Haomin;CHENG Xiaoke;YANG Mingjing(School of Economics and Management,Beijing Jiaotong University,Beijing 100044,China;School of Accounting,Southwestern University of Finance and Economics,Chengdu 610000,China)

机构地区：[1]北京交通大学经济管理学院,北京100044 [2]西南财经大学会计学院,四川成都610000

出　　处：《财经论丛》2021年第1期75-84,共10页Collected Essays on Finance and Economics

基　　金：国家自然科学基金面上项目(71872010,71572009);中央高校基本科研业务费专项资金资助(JBK2001069)。

摘　　要：杠杆问题作为宏观金融脆弱性的总根源,对国家经济稳定起着举足轻重的作用。本文以2013~2017年A股上市公司为样本,对其去杠杆效果进行检验,并进一步探讨其实现路径以及经济后果。研究发现,自进入强制去杠杆阶段以来,企业去杠杆工作初具成效;国有企业去杠杆效果受政策压力影响显著,而非国有企业则受实施能力影响显著。企业通过偿还负债、调整合并报表范围的方式降低杠杆率,在非国有企业中还发现了增发股票、减少股利支付的方式。同时,去杠杆政策短期内降低了企业价值,造成投资不足问题。研究表明,去杠杆政策实施效果良好并取得了较大的进展,但在实施过程中还需警惕去杠杆带来的“次生风险”,平衡好防范化解重大风险和改革、发展、稳定的关系,逐渐向稳杠杆过度。This paper investigates the results of deleveraging policies in China and further explores its possible implementation path and economic consequences.Findsings of the study are as follows:The deleveraging efforts of enterprises have begun to bear fruit.At the same time,the deleveraging effect of state-owned enterprises has been significantly affected by the policy pressure,whereas that of non-state-owned enterprises is significantly affected by their capabilities.In terms of the implementation path,this paper finds that companies reduce leverage by repaying liabilities and adjusting the scope of consolidated statements.Non-state-owned enterprises also issue additional shares and reduce dividend payments.In terms of economic consequences,the deleveraging policy has reduced the value of the enterprise and caused insufficient investment.Studies show that deleveraging policies have achieved good results and made great progress.However,in the implementation process,companies must be alert to the“secondary risks”brought by deleveraging.

关 键 词：去杠杆 资本结构 国有企业高杠杆 

分 类 号：F275.1[经济管理—企业管理]