摘要
已有研究在企业债务违约的影响因素方面取得了丰硕成果,如社会破产成本、社会关系网络、社会责任、刚性兑付预期、环境不确定性和战略定位等都对企业债务违约产生影响。但是,财务战略是企业进行投融资决策的指导原则,债务违约是投融资失败的典型表现,财务战略如何影响企业债务违约尚未可知。在中国企业债务违约事件集中爆发的大背景下,探寻财务战略对企业债务违约的影响具有重要的理论价值和实践意义。根据财务战略的职能,将财务战略激进划分为投资战略激进和融资战略激进两个维度,按照投资战略激进-经营效率-债务违约的路径,理论分析并实证检验投资战略激进对企业债务违约的影响机制;在此基础上,探讨融资战略激进与投资战略激进的交互效应对债务违约产生的影响;提出有调节的中介效应模型,进一步厘清融资战略激进在投资战略激进-经营效率-债务违约作用过程中发挥的调节作用;并从企业生命周期、产权异质性和政治关联3个维度,分组检验财务战略激进对企业债务违约的影响;采用工具变量法和替换变量法缓解潜在的内生性问题。研究结果表明,激进的投资战略通过降低经营绩效进而加大企业债务违约风险;激进的融资战略加剧投资战略激进与企业债务违约之间的正相关关系,具体表现为激进的融资战略加剧投资战略激进对经营效率的负向影响,也加剧了经营效率低下企业的债务违约风险;进一步研究发现,与成熟期企业相比,处于成长期和衰退期的企业,其财务战略激进对企业债务违约的影响更显著;与国有企业和存在政治关联的企业相比,财务战略激进对企业债务违约的影响在非国有和非政治关联企业中更显著。研究结果在丰富财务战略经济后果、企业债务违约影响因素相关研究成果的同时,为管理者深入理解财务战略激进影响企业债务违约的内在逻辑、提升投融资战略决策的科学性、防控债务违约风险提供一些有益的实践启示。
The existing studies have achieved fruitful results in terms of the influencing factors of corporate debt default,such as social bankruptcy cost,social relationship network,social responsibility,rigid payment expectation,environmental uncertainty,and strategic positioning.However,financial strategy is the guiding principle for enterprises to make investment and financing decisions,and debt default is a typical embodiment of investment and financing failure.It is still unclear how financial strategy will affect corporate debt defaults.In the context of the concentrated outbreak of corporate debt defaults in China,it is of great theoretical value and practical significance to explore the influencing factors of corporate debt defaults.According to the function of financial strategy,this study divides financial strategy aggression into two aspects:investment strategy aggressiveness and financing strategy aggressiveness.According to the path theory of“radical investment strategy aggressiveness–business efficiency–debt default”,it analyzes and empirically tests the mechanism of radical investment strategy affecting corporate debt default.On this basis,it further discusses how the interaction effect of financing strategy aggressiveness and investment strategy aggressiveness impact on debt default.By proposing a moderated mediating effect model,it further clarifies how financing strategy aggressiveness plays a moderating role in the process of“investment strategy aggressiveness–business efficiency–debt default”.It also examines the impact of financial strategies aggressiveness on corporate debt default in groups from the perspectives of enterprise life cycle,property heterogeneity and political association.Finally,the instrumental variable method and the substitution variable method are adopted to alleviate the potential endogeneity problems.The results show that radical investment strategy will increase the risk of corporate debt default by reducing business performance,and radical financing strategy will intensify the positive correlation between investment strategy aggressiveness and corporate debt default.Specifically,radical financing strategy will aggravate the negative impact of investment strategy aggressiveness on business performance,and also aggravate the debt default risk of enterprises with low business performance.Further study shows that the impact of financial strategy aggression on the debt default of enterprises in growth and decline is more significant than that of mature enterprises.Compared with state-owned enterprises and politically connected enterprises,the impact of financial strategy aggression on corporate debt default is more significant in non-state-owned and non-politically connected enterprises.The study results not only enrich the relevant literature on the economic consequences of financial strategy and the influencing factors of corporate debt default,but also provide managers with a deep understanding of the internal logic of the influence of financial strategy aggression on corporate debt default,and improve the scientificity of their investment and financing strategic decisions.Also,it provides some useful and practical enlightenment for the prevention and control of debt default risk.
作者
郭婧
张新民
GUO Jing;ZHANG Xinmin(School of Accounting,Shanxi University of Finance and Economics,Taiyuan 030006,China;Institute of Intelligent Management Accounting,Shanxi University of Finance and Economics,Taiyuan 030006,China;Business School,University of International and Economics,Beijing 100029,China;Research Institute for the Internationalization of Beijing Business,University of International and Economics,Beijing 100029,China)
出处
《管理科学》
CSSCI
北大核心
2023年第4期88-104,共17页
Journal of Management Science
基金
国家自然科学基金(71790604)
关键词
财务战略激进
投资战略激进
融资战略激进
债务违约
企业生命周期
financial strategy aggression
investment strategy aggressiveness
financing strategy aggressiveness
debt default
enterprise life cycle
