企业去杠杆、投资效率和企业绩效  

Enterprise Deleveraging,Investment Efficiency,and Enterprise Performance

作　　者：梁安琪 武晓芬[1] LIANG Anqi;WU Xiaofen(School of Business Administration and Tourism Management,Yunnan University,Kunming 650000,China)

机构地区：[1]云南大学工商管理与旅游管理学院,云南昆明650000

出　　处：《经济与管理》2021年第1期62-69,共8页Economy and Management

基　　金：云南省部共建重点项目(C176280203);“一流本科创新人才培养项目”(C176230100)。

摘　　要：以2013—2018年我国上市公司的数据为样本,结合我国企业目前的负债情况,探究企业去杠杆和投资效率对企业绩效的作用机理和影响路径。研究发现:企业的投资效率是企业去杠杆和企业绩效之间的中介变量,其中介作用受到企业目标杠杆偏离程度的影响;去杠杆可以部分通过提高企业投资效率来影响企业绩效,但这种中介效应只在过度投资企业中显著存在。进一步研究发现,企业杠杆偏离度正向调节了直接效应和投资效率中介效应的前半路径:企业的过度负债加强了去杠杆对投资效率的正面影响,也加强了投资效率的中介效应;而在负债不足的企业中,由于去杠杆对企业绩效无促进作用,投资效率的中介效应也不存在。同时还发现,非投资效率本身对去杠杆和企业绩效起到一定的调节作用,而这种调节作用对于投资不足和负债不足的企业更加显著。Taking the data of listed companies in Shanghai and Shenzhen from 2013 to 2018 as a sample,combined with the current debt situation of Chinese companies,this paper explores the mechanism and influence path of corporate deleveraging and investment efficiency on corporate performance.This paper discovered the investment efficiency of enterprises is an intermediary variable between enterprise deleveraging and enterprise performance,and the intermediary effect is affected by the deviation degree of target leverage.Specifically,deleveraging can affect corporate performance partly by improving the efficiency of corporate investment,but this intermediary effect only exists significantly in over-invested enterprises.Further research shows that the direct effect and the first half path of the intermediary effect of investment efficiency are positively adjusted by the degree of corporate target leverage deviation.However,in enterprises with insufficient debt,deleveraging can not promote enterprise performance,so the intermediary effect of investment efficiency does not exist.At the same time,this paper found that non-investment efficiency also plays a certain regulatory role in deleveraging and enterprise performance,and this regulatory role is more significant for enterprises with insufficient investment and debt.The conclusion of this paper provides theoretical support for the steady implementation of structural deleveraging in China.

关 键 词：去杠杆 投资效率 企业绩效 过度负债 

分 类 号：F272[经济管理—企业管理]