去杠杆、盈利状况与企业发展--基于微观视角的实证分析
首发时间:2019-01-15
摘要:产能过剩企业的去杠杆效果在我国供给侧结构性改革进程中处于一个重要的位置。基于微观视角分析企业去杠杆对其盈利的影响,本文以煤炭行业这样的高杠杆率行业为例,通过28个煤炭企业的面板数据深入探究不同成长能力、企业规模的公司去杠杆过程对盈利状况的影响,并按照成长能力与公司规模将样本组分类后进行实证检验。研究发现:由于预算软约束、企业杠杆与盈利"倒U型"非线性关系的存在,短期内企业去杠杆对盈利状况有正面影响,成长能力较低、规模较小的企业去杠杆对企业盈利状况的影响更为显著。企业应当采取稳健的去杠杆策略,找到最优债务杠杆比例,调整企业的资本结构,着力加强供给侧结构性改革,优化供给结构,使要素实现最优配置,提高供给体系质量和效率,增强企业创新能力,改善煤炭企业的资产结构和状况,进而提高企业可持续发展动力。
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De-leverage, Profit Situation and Enterprise Development--Empirical Analysis Based on Micro-perspective
Abstract:The deleveraging effect of enterprises with excess capacity plays an important role in the process of supply-side structural reform in China. Based on the micro-perspective, this paper analyses the impact of corporate deleveraging on its profitability. Taking a high-leverage industry such as coal industry as an example, this paper deeply explores the impact of corporate deleveraging process on profitability through panel data of 28 coal enterprises with different growth capabilities and enterprise scales, and then classifies the sample groups according to growth capabilities and company scales and conducts empirical tests. The study finds that due to the existence of soft budget constraints and the "inverted U" non-linear relationship between corporate leverage and profitability, corporate deleveraging has a positive impact on profitability in the short term, and the impact of corporate deleveraging on profitability is more significant for enterprises with lower growth capacity and smaller scale. Enterprises should adopt a sound strategy of deleveraging, find the optimal debt leverage ratio, adjust the capital structure of enterprises, focus on strengthening the structural reform of the supply side, optimize the supply structure, achieve the optimal allocation of factors, improve the quality and efficiency of the supply system, enhance the innovation ability of enterprises, improve the asset structure and status of coal enterprises, and then improve the motive force of sustainable development of enterprises.
Keywords: Industrial economics deleveraging profitability overcapacity
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去杠杆、盈利状况与企业发展--基于微观视角的实证分析
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