摘要
为防范杠杆率过高对企业高质量发展的不良影响,中央政府于2016年出台了《国务院关于积极稳妥降低企业杠杆率的意见》。以此为准自然实验利用广义双重差分法检验“去杠杆”政策对企业创新的影响,研究发现:第一,“去杠杆”政策显著地促进了以专利产出为表征的企业创新;第二,“去杠杆”政策对企业创新的促进效应可以通过提高经营绩效和优化债务结构实现;第三,“去杠杆”政策同时促进了国有企业和非国有企业创新,但促进国有企业创新只能通过优化债务结构实现,而促进非国有企业创新则可同时通过提高经营绩效和优化债务结构实现。以上研究结论不仅从创新视角支持了供给侧结构性改革的成效,而且丰富了杠杆率影响企业创新的机制研究。
In order to prevent the negative impact of excessive leverage on the high-quality development of enterprises,the central government issued the“Opinions of the State Council on Actively and Steadily Reducing Enterprise Leverage Ratio”in 2016.Taking this as a quasi-natural experiment,this paper uses the generalized difference in difference model to investigate the impact of the“deleveraging”policy on enterprise innovation.The research finds that,first,the“deleveraging”policy has significantly promoted enterprise innovation in terms of patents output.Second,the promoting effects of“deleveraging”policy derive from improving operational performance and optimizing enterprise debt structure.Third,the“deleveraging”policy stimulates enterprises'innovation for both SOEs and non-SOEs.The promotion for SOEs innovation is mainly achieved by optimizing the debt structure,but promotion for non-SOEs innovation can be achieved through both improving the performance and optimizing the debt structure.The conclusion not only supports the effectiveness of supply side structural reform from the perspective of innovation,but also enriches the research on the mechanism of impact of leverage ratio on enterprise innovation.
作者
王桂军
张辉
唐毓璇
WANG Guijun;ZHANG Hui;TANG Yuxuan(School of Humanities and Social Sciences,Beijing Institute of Technology,Beijing 100081,China;School of Economics,Peking University,Beijing 100871,China;International Development Cooperation Academy,Shanghai University of International Business and Economics,Shanghai 200336,China)
出处
《商业经济与管理》
CSSCI
北大核心
2023年第5期43-60,共18页
Journal of Business Economics
基金
教育部哲学社会科学重大项目“建设现代化经济体系的路径与策略研究”(18JZD029)
国家社会科学基金重大项目“货币政策分配效应与缩小收入和财富差距的有效路径研究”(20&ZD105)
教育部哲学社会科学重大项目“数字化时代世界资本主义新变化新问题研究”(22JZD006)。
关键词
“去杠杆”政策
企业创新
经营绩效
债务结构
广义双重差分
“deleveraging”policy
enterprise innovation
operational performance
debt structure
generalized difference in difference model
