暨南学报(哲学社会科学版)

作者：张广胜, 孙学涛

单位：辽宁大学商学院;孙学涛,山东社会科学院、中国海洋大学经济学院。

关键词：杠杆率,经济效率,制造业企业,数字化转型

基金：国家社会科学基金重点项目“以人为核心的新型城镇化下提高农业转移人口市民化质量研究”(21AZD044);国家自然科学基金青年项目“高标准农田建设对农业的多途径影响:时空规律、要素替代与效率提升”(72203212);教育部人文社会科学研究青年基金项目“数字素养视角下新生代农民工高质量就业的测度及影响机制研究”(22YJC790153);山东省博士后创新项目“高标准农田建设对农地效率的影响机理与优化路径研究”(202102063);山东省社会科学规划研究项目“高标准农田建设对山东农业的多途径影响:

在数字化变革背景下,提升效率才是经济高质量发展的关键,通常高杠杆率被认为是制约经济效率提升的主要因素。由此去杠杆成为提升经济效率、促进经济高质量发展的有效方式。本文运用修正的MM理论分析了数字化转型背景下杠杆率与经济效率之间的关系,并基于WIOD数据库、中国工业企业数据库和制造业上市公司数据库实证检验。研究发现:杠杆率与制造业企业经济效率之间存在着“倒U”形关系,当没有考虑到数字化转型时企业经济效率最大化的最优杠杆率相对较高;当考虑到数字化转型时企业经济效率最大化的最优杠杆率相对较低;杠杆率与企业经济效率之间的内生性会高估杠杆率的估计结果。最后根据研究结论为数字化转型背景中国制造业企业经济效率提升和结构性去杠杆提出了几点政策建议。"/>template{display:none;}.mag-rich-xref-fn { cursor: pointer;}//长视频$(document).ready(function(){if($("#showLongArticleVideo") && $("#showLongArticleVideo").length && $("#showLongArticleVideo").length>0){mag_ajax_update({ele_id:'showLongArticleVideo',url:mag_currentQikanUrl() + "/CN/article/showLongArticleVideo.do?id="+$("#articleId").val()});}});$(document).ready(function(){window.metaData = {"journal":{"issn":"1000-5072","qiKanMingCheng_CN":"暨南学报（哲学社会科学版）","id":2,"qiKanMingCheng_EN":"Jinan Journal"},"fundList_cn":["国家社会科学基金重点项目“以人为核心的新型城镇化下提高农业转移人口市民化质量研究”(21AZD044);国家自然科学基金青年项目“高标准农田建设对农业的多途径影响:时空规律、要素替代与效率提升”(72203212);教育部人文社会科学研究青年基金项目“数字素养视角下新生代农民工高质量就业的测度及影响机制研究”(22YJC790153);山东省博士后创新项目“高标准农田建设对农地效率的影响机理与优化路径研究”(202102063);山东省社会科学规划研究项目“高标准农田建设对山东农业的多途径影响:要素替代与效率提升”(22DJJ22)。"],"article":{"keywordList_cn":["杠杆率","经济效率","制造业企业","数字化转型"],"juan":"45","zhaiyao_cn":"在数字化变革背景下,提升效率才是经济高质量发展的关键,通常高杠杆率被认为是制约经济效率提升的主要因素。由此去杠杆成为提升经济效率、促进经济高质量发展的有效方式。本文运用修正的MM理论分析了数字化转型背景下杠杆率与经济效率之间的关系,并基于WIOD数据库、中国工业企业数据库和制造业上市公司数据库实证检验。研究发现:杠杆率与制造业企业经济效率之间存在着“倒U”形关系,当没有考虑到数字化转型时企业经济效率最大化的最优杠杆率相对较高;当考虑到数字化转型时企业经济效率最大化的最优杠杆率相对较低;杠杆率与企业经济效率之间的内生性会高估杠杆率的估计结果。最后根据研究结论为数字化转型背景中国制造业企业经济效率提升和结构性去杠杆提出了几点政策建议。","endNoteUrl_en":"https://jnxb.jnu.edu.cn/skb/EN/article/getTxtFile.do?fileType=EndNote&id=6694","reference":"","bibtexUrl_cn":"https://jnxb.jnu.edu.cn/skb/CN/article/getTxtFile.do?fileType=BibTeX&id=6694","articleType":"","abstractUrl_en":"https://jnxb.jnu.edu.cn/skb/EN/10.11778/j.jnxb.20222024","qi":"5","id":6694,"nian":2023,"bianHao":"1686535948065-1167096638","zuoZheEn_L":"ZHANG Guangsheng, SUN Xuetao","juanUrl_en":"https://jnxb.jnu.edu.cn/skb/EN/Y2023","shouCiFaBuRiQi":"2023-06-12","qiShiYe":"115","qiUrl_cn":"https://jnxb.jnu.edu.cn/skb/CN/Y2023/V45/I5","lanMu_cn":"数字经济专题","pdfSize":"750","zuoZhe_CN":"张广胜, 孙学涛","risUrl_cn":"https://jnxb.jnu.edu.cn/skb/CN/article/getTxtFile.do?fileType=Ris&id=6694","title_cn":"数字化转型背景下企业杠杆率选择与经济效率提升","doi":"10.11778/j.jnxb.20222024","jieShuYe":"132","keywordList_en":["leverage ratio","economic efficiency","manufacturing enterprises","digital transformation"],"endNoteUrl_cn":"https://jnxb.jnu.edu.cn/skb/CN/article/getTxtFile.do?fileType=EndNote&id=6694","zhaiyao_en":"The revised MM theory holds that when the leverage ratio is 100%, the enterprise value is maximum. That is, when the leverage ratio is less than 100%, the economic development level is positively correlated with its leverage ratio. There are contradictory phenomena in China's real economy: the leverage ratio of China's real sector was 147% in 2000, reached 227% in 2016, rose to 245.4% in the second quarter of 2019, and fell to 154.8% in 2021 in the non-financial sector. In contrast, China's total labor productivity was 12,566 yuan per person in 2000, and rose to 146,380 yuan per person in 2021. It can be seen from China's leverage ratio and total labor productivity that China's leverage ratio exceeds 100%. However, the increase of leverage ratio promotes the increase of total labor productivity in China, which challenges the existing theories and literature. The enterprise digital transformation explains the reason of the conflict between the development of China's real economy and the revised MM theory. Digital transformation will inevitably map to the capital structure of enterprises. Scholars find that digital transformation will increase the investment of enterprises through research, and finally digital transformation will improve the economic efficiency of manufacturing enterprises and also improve the leverage ratio of enterprises. Therefore, the relationship between China's leverage ratio and the economic efficiency of manufacturing enterprises is also in line with the revised MM theory, but digitalization will increase the investment of enterprises while giving enterprises new momentum, and eventually change the optimal leverage ratio of enterprises. However, whether the reality is consistent with the expectation needs to be further discussed from the theoretical and empirical perspectives. This paper uses the modified MM theory to analyze the relationship between leverage ratio and economic efficiency against the background of digital transformation. The paper has empirical tests based on WIOD database, Chinese industrial enterprise database and manufacturing listed company database. The results show that there is an “inverted U-shaped” relationship between leverage ratio and economic efficiency of manufacturing enterprises. When the digital transformation is not taken into account, the optimal leverage ratio of maximizing economic efficiency is relatively high. When digital transformation is taken into account, the optimal leverage ratio of maximizing economic efficiency is relatively low. The endogeneity between leverage ratio and economic efficiency will overestimate the leverage ratio. Compared with previous literatures, this paper expands in the following three aspects: First, in terms of research objects, this paper tries to explore the optimal leverage ratio A the condition of maximizing enterprise economic efficiency from the perspective of economic efficiency against the background of digital transformation, and analyzes the optimal leverage ratio under the condition of maximizing enterprise economic efficiency in different periods against the background of digital transformation, in order to provide theoretical basis for structural deleveraging. Second, in terms of research issues, this paper not only explores the relationship between leverage ratio and enterprise economic efficiency, but also focuses on the relationship between leverage ratio and enterprise economic efficiency from the perspective of digital transformation. Thirdly, in terms of research models, this paper attempts to use the system generalized moment estimation model to analyze the influence of leverage ratio on enterprise economic efficiency against the background of digital transformation, so as to avoid the deviation produced by other econometric models. To some extent, this study reveals the internal logic of enterprise leverage ratio and economic efficiency against the background of digital transformation, which is helpful for the government to formulate more targeted “structural deleveraging” policies and measures against the background of digital transformation, provide differentiated policy support for “structural deleveraging” of different types of manufacturing enterprises, and better guide the high-quality development of enterprises.","bibtexUrl_en":"https://jnxb.jnu.edu.cn/skb/EN/article/getTxtFile.do?fileType=BibTeX&id=6694","abstractUrl_cn":"https://jnxb.jnu.edu.cn/skb/CN/10.11778/j.jnxb.20222024","zuoZheCn_L":"张广胜, 孙学涛","juanUrl_cn":"https://jnxb.jnu.edu.cn/skb/CN/Y2023","lanMu_en":"","qiUrl_en":"https://jnxb.jnu.edu.cn/skb/EN/Y2023/V45/I5","zuoZhe_EN":"ZHANG Guangsheng, SUN Xuetao","risUrl_en":"https://jnxb.jnu.edu.cn/skb/EN/article/getTxtFile.do?fileType=Ris&id=6694","title_en":"Relationship between Corporate Leverage Ratio and Economic Efficiency Improvement against the Background of Digital Transformation","hasPdf":"true"},"authorNotes_cn":["张广胜,辽宁大学商学院;孙学涛,山东社会科学院、中国海洋大学经济学院。"]};if(window.metaData && (!window.metaData.authorNotesCommon_cn && !window.metaData.authorNotesCorresp_cn && window.metaData.authorNotes_cn)){window.metaData.authorNotesCommon_cn = window.metaData.authorNotes_cn;}if(window.metaData && (!window.metaData.authorNotesCommon_en && !window.metaData.authorNotesCorresp_en && window.metaData.authorNotes_en)){window.metaData.authorNotesCommon_en = window.metaData.authorNotes_en;}var _nlmdtdXml = $("#article_nlmdtdXml").val();var magDir = _nlmdtdXml.replace(/\/[^\/]+$/,'');window.metaData.magDir = magDir;new mag_vue({ el: '#metaVue', //dataUrl: mag_currentQikanUrl() + '/EN/article/getRichHtmlJson.do?articleId='+$("#articleId").val(), data:window.metaData, loading:true, doTextFun:function(text){ return doDataJsonText(text); 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来源：2023年第5期

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