“去杠杆”背景下杠杆操纵对企业财务风险的影响分析——兼论内外部监督的治理效应  

Analysis on the Impact of Leverage Manipulation on Enterprise Financial Risk under the Background of“Deleveraging”——On the Governance Effect of Internal and External Supervision

作　　者：李秉祥[1] 林炳洪 LI Bingxiang;LIN Binghong(School of Economics and Administration,Xi'an University of Technology,Xi'an 710054,China)

机构地区：[1]西安理工大学经济与管理学院,陕西西安710054

出　　处：《南京审计大学学报》2023年第3期21-30,共10页Journal of Nanjing Audit University

基　　金：国家自然科学基金项目(71772151);陕西省哲学社会科学重大理论与现实问题研究项目(2021ND0258)。

摘　　要：处置好企业杠杆问题是守住不发生系统性金融风险的基本要求,以2015—2020年A股上市公司为研究样本,重点研究“去杠杆”背景下杠杆操纵对企业财务风险的影响以及内外部监督的治理效应。研究结果显示:杠杆操纵与企业财务风险正相关,即杠杆操纵程度越大,企业财务风险越高;调节效应检验发现,内部监督的内部控制与股东监督、外部监督的分析师关注与外部审计均可以发挥治理效应,有效抑制杠杆操纵,降低企业财务风险。进一步研究发现,民营企业、过度负债企业与中西部地区企业进行杠杆操纵更易推高财务风险。研究结论对拓展杠杆操纵经济后果,构建有效的杠杆操纵治理机制,进而落实“去杠杆”政策、化解企业财务风险有所增益。Dealing with the problem of enterprise leverage is the basic requirement to avoid systematic financial risks.Taking A-share listed companies from 2015 to 2020 as the research sample,this paper focuses on the impact of leverage manipulation on enterprise financial risk and the governance effect of internal and external supervision under the background of“deleveraging”.The results show that leverage manipulation is positively correlated with enterprise financial risk,that is,the greater the degree of leverage manipulation,the higher the enterprise financial risk;The moderating effect test found that internal control and shareholder supervision of internal supervision,analyst focus and external audit of external supervision can play a role in governance effect,effectively inhibit leverage manipulation and reduce enterprise financial risk.Further research found that private enterprises,over-indebted enterprises and enterprises in the central and western regions are more likely to promote financial risk by leverage manipulation.The research conclusion has gained some benefits in expanding the economic consequences of leverage manipulation,constructing an effective governance mechanism for leverage manipulation,implementing the“deleveraging”policy,and resolving enterprise financial risk.

关 键 词：去杠杆 杠杆操纵 财务风险 内部控制 股东监督 分析师关注 外部审计 

分 类 号：F275.5[经济管理—企业管理]