企业出口技术复杂度与去杠杆方式转变--基于信息不对称性视角的分析  

The Technical Complexity of Enterprise Export and the Transformation of Deleveraging Mode: Analysis Based on Information Asymmetry

作　　者：张靖佳[1] 汪泽 袁芳 Zhang Jingjia;Wang Ze;Yuan Fang(APEC Research Center,Nankai University,Tianjin 300071,China;School of Eco-nomics,Nankai University,Tianjin 300071,China)

机构地区：[1]南开大学APEC研究中心,300071 [2]南开大学经济学院,300071

出　　处：《南开经济研究》2021年第5期121-139,共19页Nankai Economic Studies

基　　金：国家自然科学基金青年项目(71803089);教育部人文社科研究项目(20YJC630181)的资助。

摘　　要：在优化国内国际双循环和积极稳妥去杠杆目标的指引下,企业出口技术复杂度升级能否在实现高质量外循环的同时帮助企业去杠杆以降低债务风险呢?本文将2006—2016年的中国海关数据库与A股制造业上市公司数据进行匹配,从信息不对称的视角验证了出口技术复杂度升级对企业“减债增权”的促进效应。此外,本文基于信息不对称所导致的企业层面和区域层面结构性差异,对企业去杠杆方式转变进行了异质性分析。实证结果表明,企业出口技术复杂度升级降低了企业的杠杆率,增加了企业的股权融资,减少了企业的债务融资。从企业结构性差异来看,融资约束和企业年龄均弱化了出口技术复杂度对企业杠杆率的负向效应和对企业股权融资的正向效应;低技术行业弱化了出口技术复杂度对企业杠杆率的负向影响,中等技术和高技术行业强化了出口技术复杂度对企业杠杆率的负向影响。从区域结构性差异来看,所在地区金融发展水平提高会强化出口技术复杂度对企业杠杆率和债务融资的负向效应。我们应重视推动企业出口升级对去杠杆方式的影响,进一步拓宽企业直接融资渠道,从出口企业微观层面实现外循环和内循环的良性互动。Under the guidance of optimizing domestic and international double circulation and actively and steadily deleveraging,can the upgrading of export technology complexity help enterprises deleverage to reduce debt risk while achieving high-quality external circulation?This paper matches the data of China customs database from 2006 to 2016 with the data of A-share manufacturing listed companies,and verifies the promotion effect of export technology complexity upgrading on"reducing debt and increasing power"from the perspective of information asymmetry.In addition,based on the structural differences between the enterprise level and the regional level caused by information asymmetry,this paper analyzes the heterogeneity of the transformation of enterprise deleveraging mode.The empirical results show that the upgrading of export technology complexity reduces the leverage ratio,improves the equity financing and reduces the debt financing.From the perspective of enterprise structural differences,financing constraints and enterprise age weaken the negative effect of export technology complexity on enterprise leverage and the positive effect on enterprise equity financing;low technology complexity industries weaken the negative effect of export technology complexity on enterprise leverage,and medium and high technology complexity industries strengthen the influence of export technology complexity on enterprise leverage Negative impact.From the perspective of regional structural differences,the level of regional financial development strengthens the negative effect of export technology complexity on corporate leverage and debt financing.It is suggested that China should pay attention to the influence of export upgrading on the optimization of deleveraging mode,further broaden the direct financing channels of enterprises,and realize the positive interaction of external circulation and internal circulation from the micro level of export enterprises.

关 键 词：出口技术复杂度 去杠杆 减债增权 

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