摘要
在中国特殊的制度背景下,债务异质性的存在具有一定的理论意义和实践意义。以2007-2017年中国上市公司为研究样本,探究债务异质性与企业可持续发展之间的关系,并进一步检验产权性质的调节作用。研究发现:债务异质性越高的企业,可持续发展能力越强;上述现象在国有企业中更加显著。进一步探究异质性债务的贡献,发现经营性负债比金融性负债更加有助于企业实现可持续发展。
Under the specific institutional background of China,debt heterogeneity has both practical and theoretical significance.Taking Chinese listed companies from 2007 to 2017 as samples,this paper explored the relationship between debt heterogeneity and the sustainable development of enterprises,and further tested the regulatory role of property rights. The empirical research results show that,the higher the heterogeneity of debt is,the stronger the ability of sustainable development is,which is more significant in stateowned enterprises. Further research on debt heterogeneity finds that,operational debt is more conducive to the sustainable development of enterprises than financial debt.
作者
靳曙畅
JIN Shu-chang(Business School,Nanjing University,Nanjing 210093,China)
出处
《山西财经大学学报》
CSSCI
北大核心
2019年第6期67-84,共18页
Journal of Shanxi University of Finance and Economics
基金
国家自然科学基金项目(71772084)
关键词
债务异质性
经营性负债
金融性负债
产权性质
可持续发展
debt heterogeneity
operational liabilities
financial liabilities
nature of property right
sustainable development
