要素错配视角下企业债务融资阈值与类型选择  

Enterprise Debt Financing Threshold and Type Selection From the Perspective of Factor Misallocation

作　　者：方芳 赵军[1] 李琛[1] 唐红梅[1] Fang fang;Zhao Jun;Li Chen;Tang Hongmei(School of Economics and Management,Xinjiang University,Urumqi 830000,China)

机构地区：[1]新疆大学经济与管理学院,乌鲁木齐830000

出　　处：《统计与决策》2023年第8期163-167,共5页Statistics & Decision

基　　金：国家社会科学基金资助项目(19XJY018);新疆大学经济与管理学院研究生“丝路”科研创新项目(SL2022007)。

摘　　要：文章基于2000—2021年沪深A股非金融类上市公司数据,从矫正资本要素错配的视角探究企业的债务融资策略及其阈值。研究发现:整体来看,企业负债水平与资本错配具有“U”型关系,当负债水平小于47.3%时,提高企业债务水平能矫正资本错配;企业的长期债务融资和银行贷款融资在一定的阈值范围内能改善资本错配,而短期债务融资和商业信用融资对资本错配则有显著的加剧作用;企业债务决策对资本错配的影响因企业性质不同而具有异质性,国有企业和非国有企业负债水平对资本错配均有“U”型影响,阈值分别为41.63%和54.43%,对非高技术行业而言,企业负债水平对资本错配具有“U”型影响,阈值为47.3%。Based on the data of Shanghai and Shenzhen A-share non-financial listed companies from 2000 to 2021,this paper explores the debt financing strategy and its threshold from the perspective of correcting capital factor misallocation.The results go as below:On the whole,there is a U-shaped relationship between corporate debt level and capital misallocation.When the debt level is less than 47.3%,increasing corporate debt level can correct capital misallocation.Long-term debt financing and bank loan financing can improve capital misallocation within a certain threshold range,while short-term debt financing and commercial credit financing significantly aggravate capital misallocation.The influence of corporate debt decision-making on capital misallocation is heterogeneous due to the different property of enterprises.The debt level of state-owned enterprises and non-state-owned enterprises has a U-shaped influence on capital misallocation,with thresholds of 41.63%and 54.43%,respectively.For non-high-tech industries,corporate debt level has a U-shaped influence on capital misallocation,with a threshold of 47.3%.

关 键 词：债务融资决策 资本错配 市场化改革 

分 类 号：F124[经济管理—世界经济]