暨南学报(哲学社会科学版)

作者：蒋海, 吴文洋, 唐绅峰

单位：暨南大学经济学院;吴文洋,湖南工商大学财政金融学院;唐绅峰,广州大学经济与统计学院。

关键词：杠杆率,企业升级,企业特征,杠杆结构,去杠杆压力

基金：国家自然科学基金面上项目“考虑尾部风险关联性和逆周期因子的宏观审慎金融监管机制研究”(71973053)。

我国企业面临着既要降低债务以实现“去杠杆”的风险释放目的,又要合理利用杠杆以完成“企业升级”目标的两难选择。在此背景下,本文试图探明杠杆率对企业升级的影响和作用渠道,并进一步剖析“去杠杆”压力。在此基础上,选取2010—2019年我国A股制造业上市公司的数据进行实证检验。结果表明,杠杆率通过企业创新能力、运营效率和风险承担渠道对企业升级形成“倒U形”的影响,即存在适度则促进的“垫脚石作用”和过度则抑制的“绊脚石效应”,且这种关系并不存在明显的企业和杠杆结构异质性的差异。与此同时,“去杠杆”压力结果表明,目前我国大多数制造业上市公司还具有加杠杆空间,进而赋能企业升级。然而,也有小部分企业杠杆率高企,去杠杆压力凸显。其中,国有企业的“去杠杆”压力明显大于民营企业,企业的长期债务和商业信用借款的“去杠杆”压力明显小于短期债务和银行借贷。因此,应积极落实国家“去杠杆”政策,并根据企业特征和杠杆结构的类型实施差异化监管策略,从而更好地发挥杠杆对企业升级的驱动作用。"/>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":["国家自然科学基金面上项目“考虑尾部风险关联性和逆周期因子的宏观审慎金融监管机制研究”(71973053)。"],"article":{"keywordList_cn":["杠杆结构","杠杆率","企业升级","企业特征","去杠杆压力"],"juan":"44","zhaiyao_cn":"我国企业面临着既要降低债务以实现“去杠杆”的风险释放目的,又要合理利用杠杆以完成“企业升级”目标的两难选择。在此背景下,本文试图探明杠杆率对企业升级的影响和作用渠道,并进一步剖析“去杠杆”压力。在此基础上,选取2010—2019年我国A股制造业上市公司的数据进行实证检验。结果表明,杠杆率通过企业创新能力、运营效率和风险承担渠道对企业升级形成“倒U形”的影响,即存在适度则促进的“垫脚石作用”和过度则抑制的“绊脚石效应”,且这种关系并不存在明显的企业和杠杆结构异质性的差异。与此同时,“去杠杆”压力结果表明,目前我国大多数制造业上市公司还具有加杠杆空间,进而赋能企业升级。然而,也有小部分企业杠杆率高企,去杠杆压力凸显。其中,国有企业的“去杠杆”压力明显大于民营企业,企业的长期债务和商业信用借款的“去杠杆”压力明显小于短期债务和银行借贷。因此,应积极落实国家“去杠杆”政策,并根据企业特征和杠杆结构的类型实施差异化监管策略,从而更好地发挥杠杆对企业升级的驱动作用。","endNoteUrl_en":"https://jnxb.jnu.edu.cn/skb/EN/article/getTxtFile.do?fileType=EndNote&id=6671","bibtexUrl_cn":"https://jnxb.jnu.edu.cn/skb/CN/article/getTxtFile.do?fileType=BibTeX&id=6671","abstractUrl_en":"https://jnxb.jnu.edu.cn/skb/EN/10.11778/j.jnxb.20212973","qi":"7","id":6671,"nian":2022,"bianHao":"2022-7-44","zuoZheEn_L":"JIANG Hai, WU Wenyang, TANG Shenfeng","juanUrl_en":"https://jnxb.jnu.edu.cn/skb/EN/Y2022","shouCiFaBuRiQi":"2022-08-06","qiShiYe":"44","qiUrl_cn":"https://jnxb.jnu.edu.cn/skb/CN/Y2022/V44/I7","lanMu_cn":"产业经济研究","pdfSize":"1266","zuoZhe_CN":"蒋海, 吴文洋, 唐绅峰","risUrl_cn":"https://jnxb.jnu.edu.cn/skb/CN/article/getTxtFile.do?fileType=Ris&id=6671","title_cn":"杠杆率之于企业升级:垫脚石抑或绊脚石？——兼论去杠杆压力","doi":"10.11778/j.jnxb.20212973","jieShuYe":"63","keywordList_en":["Deleverage pressure","Enterprise heterogeneity","Enterprises upgrading","Leverage ratio","Leverage structure"],"endNoteUrl_cn":"https://jnxb.jnu.edu.cn/skb/CN/article/getTxtFile.do?fileType=EndNote&id=6671","zhaiyao_en":"Chinese enterprises are faced with the dilemma of reducing debt to achieve the goal of deleveraging and using leverage reasonably to achieve the goal of “enterprise upgrading”. In this context, this paper attempts to explore the relationship and mechanism of leverage on enterprise upgrading, and further analyze the deleveraging pressure. On this basis, this paper selects the data of China's A-share manufacturing listed companies from 2010 to 2019 to conduct an empirical test. The results show that leverage ratio has an inverted U-shaped influence on enterprise upgrading through innovation ability, operation efficiency and risk-taking channels, that is, there is a “stepping stone effect” of moderate promotion and a “stumbling block effect” of excessive inhibition, and there is no obvious difference between enterprises and leverage structure heterogeneity. At the same time, the result of deleveraging pressure shows that most of the manufacturing listed companies in China still have room to increase leverage, thus enabling enterprises to upgrade. However, there are also a small number of enterprises with high leverage ratio, and the pressure of deleveraging is prominent; among them, the deleveraging pressure of state-owned enterprises is significantly greater than that of private enterprises, and the deleveraging pressure of long-term debt and commercial credit loans of enterprises is significantly less than that of short-term debt and bank loans. Therefore, we should actively implement the national deleveraging policy, and implement differentiated regulatory strategies according to the characteristics of enterprises and the types of leverage structure, so as to better play the driving role of leverage in the upgrading of enterprises.","bibtexUrl_en":"https://jnxb.jnu.edu.cn/skb/EN/article/getTxtFile.do?fileType=BibTeX&id=6671","abstractUrl_cn":"https://jnxb.jnu.edu.cn/skb/CN/10.11778/j.jnxb.20212973","zuoZheCn_L":"蒋海, 吴文洋, 唐绅峰","juanUrl_cn":"https://jnxb.jnu.edu.cn/skb/CN/Y2022","lanMu_en":"","qiUrl_en":"https://jnxb.jnu.edu.cn/skb/EN/Y2022/V44/I7","zuoZhe_EN":"JIANG Hai, WU Wenyang, TANG Shenfeng","risUrl_en":"https://jnxb.jnu.edu.cn/skb/EN/article/getTxtFile.do?fileType=Ris&id=6671","title_en":"Leverage Ratio in Enterprise Upgrading: Stepping Stone or Stumbling Block? —An Interpretation of Deleverage Pressure","hasPdf":"true"},"authorNotes_cn":["蒋海,暨南大学经济学院;吴文洋,湖南工商大学财政金融学院;唐绅峰,广州大学经济与统计学院。"]};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='+$("#articleId").val(), data:window.metaData, loading:true, doTextFun:function(text){ return doDataJsonText(text); }, doAfterFun:function(selector,jsonData){doMagVueAfter(selector,jsonData);}});var pars = {attachType:'PDF',id:$("#articleId").val(),json:true};jQuery.post($("#mag-common-contextPath").val()+"/CN/article/showArticleFile.do?" + new Date().getTime(), pars, function(data){var json=null;if(data.match(/^\[json\].*/g)){json=eval("("+data.replace(/^\[json\]/g,"")+")");}if(json && json.status == 1){//有权限}else{//无权限$("#no-access-div").show();}});mag_ajax({url:mag_currentQikanUrl() + '/CN/article/getRichHtmlJson.do',data:{articleId:$("#articleId").val(),token:'65c3f1ea19ec457ea1e2a4c07a51356b',referer:document.referrer},dataType:"json",async:"false",success:function(json){if(json.richHtmlJson && json.richHtmlJson.article){if(json.trans){var _nlmdtdXmlCN = $("#article_nlmdtdXmlCN").val();var magDirCN = _nlmdtdXmlCN.replace(/\/[^\/]+$/,'');json.richHtmlJson.magDir=magDirCN;}else{json.richHtmlJson.magDir=magDir;}new mag_vue({ el: '#bodyVue', data:json.richHtmlJson, doTextFun:function(text){ return doDataJsonText(text); }, doAfterFun:function(selector,jsonData){doMagVueAfter(selector,jsonData);}});}}});//altmetricif($.trim($("#article_doi").val())!=''){$.ajax({url:'https://api.altmetric.com/v1/doi/'+$.trim($("#article_doi").val())+'?callback=altmetric_callback',//url:'https://api.altmetric.com/v1/doi/10.1007/s13238-016-0264-7?callback=altmetric_callback',dataType:'jsonp'});}mag_rich_menu(jQuery);$(function(){ $('#autoMenu').autoMenu();})$("#autoMenu").niceScroll({cursorcolor: "#ccc", //滚动条的颜色cursoropacitymax: 0, //滚动条的透明度，从0-1 touchbehavior: false, //使光标拖动滚动像在台式电脑触摸设备 true滚动条拖动不可用 cursorwidth: "6px", //滚动条的宽度 单位默认px cursorborder: "0", // 游标边框css定义 cursorborderradius: "3px", //滚动条两头的圆角 autohidemode: true, //是否隐藏滚动条 true的时候默认不显示滚动条，当鼠标经过的时候显示滚动条 zindex: "auto", //给滚动条设置z-index值 railvalign:'defaul',railpadding: {top: 0,right: -6,left: 0,bottom: 0}, //滚动条的位置});window.autoMenuFlag=true;$("#relatedArticles").niceScroll({cursorcolor: "#ccc", //滚动条的颜色cursoropacitymax: 0, //滚动条的透明度，从0-1 touchbehavior: false, //使光标拖动滚动像在台式电脑触摸设备 true滚动条拖动不可用 cursorwidth: "6px", //滚动条的宽度 单位默认px cursorborder: "0", // 游标边框css定义 cursorborderradius: "3px", //滚动条两头的圆角 autohidemode: true, //是否隐藏滚动条 true的时候默认不显示滚动条，当鼠标经过的时候显示滚动条 zindex: "auto", //给滚动条设置z-index值 railvalign:'defaul',railpadding: {top: 0,right: -6,left: 0,bottom: 0}, //滚动条的位置});//公式序号 居右jQuery(".mag-xml-disp-formula").each(function() {var _this = jQuery(this);var _label= _this.children("label");if(typeof(_label.html())!="undefined"){_this.children("label").remove();_this.wrap("");_this.parent().parent().append(""+_label.html()+"");}});$('body').click(function(){$('.daochu_div').hide();$('.qipao').hide();})$('.qipao').click(function(event){event.stopPropagation();})/*参考文献显示隐藏*/$('.biaotijiantoush1').click(function(event){if($(this).attr('class')=='glyphicon glyphicon-triangle-top biaotijiantoush biaotijiantoush1'){$(this).parents('.mag_main_zhengwen_left_div_ckwx_table_benwenyiny').next('.mag_main_zhengwen_left_div_ckwx_table_ckwx_xiangqing').stop().slideUp();$(this).attr('class','glyphicon glyphicon-triangle-bottom biaotijiantoush biaotijiantoush1');}else if($(this).attr('class')=='glyphicon glyphicon-triangle-bottom biaotijiantoush biaotijiantoush1'){$(this).parents('.mag_main_zhengwen_left_div_ckwx_table_benwenyiny').next('.mag_main_zhengwen_left_div_ckwx_table_ckwx_xiangqing').stop().slideDown();$(this).attr('class','glyphicon glyphicon-triangle-top biaotijiantoush biaotijiantoush1');}event.stopPropagation();});//加载补充材料mag_ajax_update({ele_id:'showArticle_suppls',url:mag_currentQikanUrl() + '/CN/article/showArticleSuppls.do',data:{articleId:$("#articleId").val()}});//加载专题mag_ajax_update({ele_id:'showArticle_subjects',url:mag_currentQikanUrl() + '/CN/subject/showSubjectListByArticle.do',data:{articleId:$("#articleId").val(),forwardJsp:'showArticle'}});//渲染公式mag_mathJax();});function altmetric_callback(json){if(json && json.score){if(json.score - parseInt(json.score) > 0){$("#altmetric-score").html(parseInt(json.score)+1);}else{$("#altmetric-score").html(parseInt(json.score));}$(".main_content_center_right_duoweidu_div").css("width","25%");$("#altmetric-a").show();$("#altmetric-a").attr("href",json.details_url);}}function richClickAuthor(name){var searchSQL = "((("+mag_advSearchValReplace(name)+"[Author]) AND 2J[Journal]) AND year[Order])";mag_request({url:mag_currentQikanUrl() + '/CN/searchresult',data:{searchSQL:searchSQL}});}function richClickKeyword(keyword){var searchSQL = "((("+mag_advSearchValReplace(keyword)+"[Keyword]) AND 2J[Journal]) AND year[Order])";mag_request({url:mag_currentQikanUrl() + '/CN/searchresult',data:{searchSQL:searchSQL}});}function mag_share(){$("#bShare_more_a").click();}function loadRelatedArticles(){if($("#showRelatedArticles") && $("#showRelatedArticles").length>0){//加载过了}else{mag_loading();mag_ajax_update({ele_id:'relatedArticles-content',url:mag_currentQikanUrl() + '/CN/article/relatedArticle.do',data:{id:$("#articleId").val(), forwardJsp:'showArticle'},complete:function(){mag_layer_close();}});}}function showMetrics(){mag_window_location(mag_currentQikanUrl() + '/CN/metrics/'+$("#articleId").val());}function piaofuFn(a,fnId){var content=''+$("#mag-rich-fn-"+fnId).html()+'';piaofu(a,content);}function huoqukuanduimg(){//}function doDataJsonText(text){var str = text;//var _nlmdtdXml = $("#article_nlmdtdXml").val();//var magDir = _nlmdtdXml.replace(/\/[^\/]+$/,'');str = str.replace(/";ss += "";var shuomingTitle = "";var shuomingContent = '';if(fig.titleCn && fig.titleCn!=''){shuomingTitle = fig.titleCn;if(fig.titleContentCn && fig.titleContentCn!=''){shuomingContent += fig.titleContentCn;}}if(shuomingTitle==''){if(fig.titleEn && fig.titleEn!=''){shuomingTitle = fig.titleEn;}if(fig.titleContentEn && fig.titleContentEn!=''){shuomingContent += fig.titleContentEn;}}else{if(fig.titleEn && fig.titleEn!=''){shuomingContent += ""+fig.titleEn+"

来源：2022年第7期

《暨南学报(哲学社会科学版)》期刊编辑部

查看暨南学报(哲学社会科学版)杂志2022年第7期