隐性担保与企业杠杆分化--基于中国家电行业的实证分析
首发时间:2019-02-08
摘要:本文利用对2010年到2018年A股家用电器行业上市公司季度数据,重点分析隐性担保从规模和所有制两个方面如何影响企业杠杆率走势分化,结果表明:第一,隐性规模担保与隐性所有制担保都和杠杆率之间呈显著正相关;第二,隐性担保加深杠杆分化程度;第三,在步入新常态经济之前,国有企业杠杆一直高于非国企,但总体分化情况保持稳定;进入新常态之后国有企业与非国企杠杆分化情况愈演愈烈;第四,在新常态经济下微观公司层面因素对杠杆的影响力均减弱,宏观因素的影响加强。最后就隐性担保问题提出了建议。
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Implicit guarantee and Enterprise Lever differentiation-Empirical Analysis based on Chinese Household Appliances Industry
Abstract:Based on the quarterly data from 2010 to 2018, this paper focuses on how the implicit guarantee affects the trend differentiation of corporate leverage ratio in terms of scale and ownership. The results show that: first, There is a significant positive correlation between implicit scale guarantee and implicit ownership guarantee and leverage ratio. Third, before entering into the new normal economy, the leverage of state-owned enterprises is always higher than that of non-state-owned enterprises, but the overall differentiation situation remains stable; After entering the new normal state-owned enterprises and non-state-owned enterprises become more and more leveraged; fourth the micro-level companies in the new normal economy The influence of surface factors on leverage is weakened, and the influence of macro factors is strengthened. Finally, some suggestions on implicit guarantee are put forward.
Keywords: Invisible guaranteed;leverage ratio;New normal economy
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