摘要
本文以沪深两市2010-2018年上市公司为研究样本,构建自有指标体系考察一体化程度对企业债务违约的影响,并探索宏观经济波动对两者关系的调节作用。研究发现:伴随纵向一体化程度和横向一体化程度的提高,企业更有可能出现债务违约。基于宏观经济波动的探索结果显示,当宏观经济上行时,企业纵向一体化更有可能出现债务违约;而当宏观经济下行时,企业横向一体化更有可能出现债务违约。进一步研究发现,纵向一体化与债务违约的正向关系在国有企业与东部地区更加显著,而横向一体化与债务违约的正向关系则在非国有企业和西部地区更加显著。本文从产业经济学和宏观经济波动视角探索了企业债务违约的作用机制,具有一定借鉴意义。
Taking the listed companies in Shanghai and Shenzhen from 2010 to 2018 as a research sample,this paper builds new indicator system to investigate the impact of integration on corporate debt default and explore the moderating effect of macroeconomic fluctuations on the relationship between the two.We find that with the increase in the degree of vertical integration and horizontal integration,companies are more likely to experience debt default.The results of exploration based on macroeconomic fluctuations show that when the macro-economy goes up,the enterprise’s vertical integration is more likely to experience debt default;when the macro-economy goes down,the enterprise’s horizontal integration is more likely to experience debt default.Further research shows that the positive relationship between vertical integration and debt default is more pronounced in state-owned enterprises and the eastern region,while the positive relationship between horizontal integration and debt default is more pronounced in non-state-owned enterprises and the western region.From the perspective of industrial economics and macroeconomic fluctuations,the research also explores the mechanism of corporate debt default,which has certain reference significance.
作者
李亚超
鲍晓静
LI Ya-chao;BAO Xiao-jing(School of Business,Nanjing University,Jiangsu 210093,China)
出处
《现代财经（天津财经大学学报）》
CSSCI
北大核心
2020年第8期73-87,共15页
Modern Finance and Economics：Journal of Tianjin University of Finance and Economics
基金
国家自然科学基金面上项目(71272102)
江苏省研究生科研创新项目(KYCX20_0051)。
关键词
纵向一体化
横向一体化
企业债务违约
宏观经济波动
vertical integration
horizontal integration
enterprise debt default
macroeconomic fluctuation
