财政补贴、金融杠杆与企业高质量发展  

Financial Subsidies,Financial Leverage and High-quality Development of Enterprises

作　　者：蒋永彩 Jiang Yongcai(School of Economics,Yunnan University of Finance and Economics,Kunming 650000,China)

机构地区：[1]云南财经大学经济学院,昆明650000

出　　处：《统计与决策》2025年第4期132-137,共6页Statistics & Decision

基　　金：国家社会科学基金重大项目(17ZDA053)。

摘　　要：文章以2014—2021年我国沪深A股上市公司为研究对象,利用熵权法测度企业高质量发展水平,并实证探讨了财政补贴、金融杠杆和企业高质量发展之间的关系。结果表明,企业高质量发展水平整体呈上升趋势;财政补贴与企业高质量发展正相关,即财政补贴增加可提升企业高质量发展水平;金融杠杆对企业高质量发展的影响呈“倒U”型非线性特征。异质性分析表明,在国有与技术密集型企业中,财政补贴与金融杠杆均发挥着较大支持作用;在中西部地区与非省会城市中,金融杠杆与财政补贴均能够助力企业高质量发展,但对东部地区与省会城市的促进作用较小。This paper takes Shanghai and Shenzhen A-share listed companies from 2014 to 2021 as the research object,uses the entropy weight method to measure the high-quality development level of enterprises,and empirically explores the relationship between financial subsidies,financial leverage and high-quality development of enterprises.The results go as the following:The overall level of high-quality development of enterprises is on the rise.Financial subsidies are positively related to the high-quality development of enterprises,that is,the increase of financial subsidies can improve the high-quality development level of enterprises.The impact of financial leverage on the high-quality development of enterprises shows an inverted U-shaped nonlinear feature.Heterogeneity analysis shows that fiscal subsidies and financial leverage play a greater supporting role in state-owned and technology-intensive enterprises.In the central and western regions and non-provincial capital cities,financial leverage and financial subsidies can help the high-quality development of enterprises,while the promotion effect on the eastern region and provincial capital cities is relatively small.

关 键 词：财政补贴 金融杠杆 企业高质量发展 调节效应 

分 类 号：F224.9[经济管理—国民经济]