经营杠杆与企业全要素生产率  

Operating Leverage and Corporate Total Factor Productivity

作　　者：朱琳[1,2] 刘凤委 孙铮[4] Lin Zhu;Fengwei Liu;Zheng Sun(School of Accountancy,Wuxi Taihu University;Department of Accounting,Shanghai National Accounting Institute;School of Business,Shanghai University of Finance and Economics)

机构地区：[1]无锡太湖学院会计学院 [2]上海国家会计学院 [3]上海国家会计学院会计系 [4]上海财经大学商学院

出　　处：《经济学报》2024年第2期1-28,共28页China Journal of Economics

基　　金：江苏高校哲学社会科学研究重大项目(2023SJZD009);中国博士后科学基金第73批面上项目(2023M732185);江苏省“青蓝工程”(苏教师函[2022]51号)的资助。

摘　　要：本文结合我国供给侧改革及推动经济高质量发展的现实背景,探讨企业杠杆风险的重要来源——经营杠杆是否及如何对企业全要素生产率产生影响。研究发现,经营杠杆的增加会显著抑制企业全要素生产率的提升。拓展性研究表明:(1)增加企业融资约束、降低企业投资效率,是经营杠杆抑制企业全要素生产率提升的重要作用机制;(2)经营杠杆降低企业全要素生产率的作用仅在企业面临更高的经营风险和调整成本时显著,表明企业自身面临较高的经营风险及调整成本水平,是经营杠杆降低企业全要素生产率的重要条件。本文的研究不仅丰富了全要素生产率的影响因素、经营杠杆经济后果的相关文献,对于落实结构化去杠杆,提高企业全要素生产率,实现经济高质量发展,也具有重要启示意义。This paper examines whether and how operating leverage as an important source of leverage risk,impact on total factor productivity in the background of China's supply-side reform and the promotion of high-quality economic development.We find that operating leverage significantly decrease corporate total factor productivity.Further evidences show that:(1)increasing financial constraint and reducing investment efficiency are important mechanisms through which operating leverage inhibit corporate total factor productivity;(2)the negative relation is only significant when firms face higher operating risks and adjustment costs,indicating that the high levels of operating risks and adjustment costs are important conditions for operating leverage to decrease corporate total factor productivity.Our study not only enriches the literature on the influencing factors of total factor productivity and the economic consequences of operating leverage,but also has important implications for the implementation of structural deleveraging,improving the total factor productivity of enterprises and achieving highquality economic development.

关 键 词：全要素生产率 经营杠杆 融资约束 投资效率 

分 类 号：F275[经济管理—企业管理] F273[经济管理—国民经济]