地方产业政策与企业杠杆率:促进还是抑制被引量：6

Promotion or Repression Caused by Local Industrial Policy and Enterprise Leverage

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摘要在推进供给侧结构性改革的背景下,利用2007—2017年中国上市公司及其宏观数据集,研究地方产业政策对企业杠杆率的影响。与既有研究不同,除了考虑"地方产业政策—企业杠杆率"关系之外,还将地方政府行为纳入上述路径。研究发现,产业政策能够有效抑制企业杠杆水平,表现在显著减少了企业的短期杠杆,但对长期杠杆的抑制效果相对有限;根据企业属性进行划分之后发现产业政策的具体作用力度也有差别。从影响机制来看,产业政策能够降低企业的短视偏向、削弱其金融套利动机、缓解融资约束和减少环境的不确定性,这些均有利于降低企业的杠杆率水平,且适宜的地方政府激励也有利于地方产业政策抑制企业杠杆水平。因此应充分考虑企业杠杆的期限结构以及产业政策机制传导的有效性,并从政府行为角度出发,调整激励制度以增强产业政策的科学性和有效性。 In the context of implementing supply-side structural reforms,this paper examines the impact of local industrial policies on corporate leverage by using Chinese listed companies and their macro data sets from 2007-2017. Different from the existing research,in addition to considering the relationship of "local industrial policy-enterprise leverage ratio",this study also includes the local government behavior into the above path. It is found that industrial policies can effectively suppress the level of corporate leverage,significantly reducing short-term leverage,but having relatively limited effect on long-term leverage;according to the classification of enterprise attributes,the specific role of industrial policy varies. From the perspective of the impact mechanism,industrial policies can reduce the short-sighted bias of enterprises,weaken their financial arbitrage incentives,alleviate corporate financing constraints and reduce the uncertainty of corporate environment,all of which are conducive to reducing the leverage level of enterprises. In particular,appropriate local government incentives are conducive to local industrial policies to restrain the level of corporate leverage. In view of this,the term structure of corporate leverage and the effectiveness of the transmission of industrial policy mechanisms should be fully considered;the incentive system should be adjusted to enhance rationality and effectiveness of industrial policy from the perspective of government behavior.

作者吴非刘嘉文常曦 WU Fei;LIU Jia-wen;CHANG Xi(Guangdong University of Finance,Guangzhou 510521;School of Business,Macao University of Science and Technology,Macao 999078,China)

机构地区广东金融学院行为金融与区域实验室澳门科技大学商学院

出处《广东财经大学学报》 CSSCI 北大核心 2020年第6期17-31,共15页 Journal of Guangdong University of Finance & Economics

基金广州市哲学社会科学规划共建项目(2020GZGJ159)。

关键词地方产业政策产业政策企业杠杆率晋升考核压力创新增长压力财政收支政府行为地方政府 local industrial policy industrial policy corporate leverage ratio pressure of promotion assessment pressure of innovation growth fiscal position government behavior local government