摘要
在中国去杠杆进程稳步推进的背景下，探讨了企业杠杆水平对资金使用效率的影响，以及这种影响因企业产权性质和所属地区差异所表现出的异质性。结果显示：去杠杆有助于提高制造业上市企业的资金使用效率；去杠杆对国有企业资金使用效率的提升作用更大；去杠杆对企业资金使用效率的正向激励作用只显著存在于东部地区，在中部地区表现不明显，在西部地区反而会对企业的资金使用效率产生负向激励。
In the context of the steady progress of Chinals deleveraging process, this paper verified the effect of enterprise lever- age level on the capital usage efficiency, and the heterogeneity of this effect due to the nature of enterprise property rights and regional differences. The results showed that, the deleveraging contributed to the improvement of the capital usage efficiency in manufacturing enterprises, what was more obvious in state-owned enterprises. The incentive effect of deleveraging was only significant in eastern re- gion, but not obvious in central region. Moreover, the deleveraging even had negative effect on enterprise capital usage efficiency.
出处
《山西财经大学学报》
CSSCI
北大核心
2018年第3期39-51,共13页
Journal of Shanxi University of Finance and Economics
基金
国家社会科学基金面上项目(16BJY086)
关键词
制造业
去杠杆
资金使用效率
产权性质
manufacturing industry
deleveraging
capital usage efficiency
nature of property rights
