企业负债率对实体企业金融化的中介效应与门槛效应——基于债务税盾角度  

Intermediary Effect and Threshold Effect of Corporate Debt Ratio on the Financialization of Real Enterprises:Based on the Perspective of Debt Tax Shield

作　　者：陈丽娜[1] 马深隆 杨雪 CHEN Lina;MA Shenlong;YANG Xue(School of Economics and Management,Southwest University of Science and Technology,Mianyang 621010,Sichuan,China)

机构地区：[1]西南科技大学经济管理学院,四川绵阳621010

出　　处：《科技和产业》2024年第19期49-58,共10页Science Technology and Industry

摘　　要：以2010—2022年中国A股上市公司为研究样本,基于债务税盾视角,选取企业现金流为中介变量,检验企业负债率对实体企业金融化的影响。实证结果表明:企业负债率与实体企业金融化显著负相关;企业现金流在企业负债率对实体企业金融化的影响过程中起部分中介作用;企业负债率对实体企业金融化存在门槛效应,当企业负债率超过门槛值时,企业负债率对实体企业金融化的抑制作用明显减弱;代理问题会削弱企业负债率对实体企业金融化的抑制作用;相较于民营企业,企业负债率对实体企业金融化的负向影响在国有企业中更加明显。Taking China s A-share listed companies from 2010 to 2022 as research samples,corporate cash flow is selected as the intermediary variable based on the perspective of debt tax shield,and the impact of corporate debt ratio on the financialization of real enterprises is tested.The empirical results show that there is a significant negative correlation between corporate debt ratio and the financialization of real enterprises.Corporate cash flow plays a partial intermediary role in the influence of corporate debt ratio on the financialization of real enterprises.There is a threshold effect of corporate debt ratio on the financialization of real enterprises.When the corporate debt ratio exceeds the threshold value,the inhibitory effect of corporate debt ratio on the financialization of real enterprises is significantly weakened.Agency problems will weaken the restraining effect of corporate debt ratio on the financialization of real enterprises.Compared with private enterprises,the negative impact of corporate debt ratio on the financialization of real enterprises is more obvious in state-owned enterprises.

关 键 词：企业负债率 实体企业金融化 企业现金流 债务税盾 中介效应 门槛效应 

分 类 号：F27[经济管理—企业管理] F830[经济管理—国民经济] F275