债务杠杆对企业全要素生产率的 影响及作用机制 ——基于中介效应模型的分析

贵州财经大学学报 ›› 2021 ›› Issue (03): 62-73.

债务杠杆对企业全要素生产率的影响及作用机制 ——基于中介效应模型的分析

胡海峰, 宋肖肖, 张超

北京师范大学经济与工商管理学院, 北京 100875

收稿日期:2021-01-03 出版日期:2021-05-15 发布日期:2021-05-17
作者简介:胡海峰(1965-),男,北京人,北京师范大学教授、博士生导师,研究方向为公司金融、比较金融制度;宋肖肖(1994-),男,安徽蒙城人,北京师范大学博士研究生,研究方向为比较金融制度;张超(1992-),男,山东济南人,北京师范大学博士研究生,研究方向为公司金融。
基金资助:
国家社科基金重点项目"中国投资者异化行为与监管政策研究"（19AGL012）。

The Effect and Mechanism of Debt Leverage on Enterprise Total Factor Productivity—An Analysis Based on the Mediation Effect Model

HU Hai-feng, SONG Xiao-xiao, ZHANG Chao

Business School, Beijing Normal University, Beijing 100875, China

Received:2021-01-03 Online:2021-05-15 Published:2021-05-17

摘要/Abstract

摘要： 基于2007~2019年中国上市公司数据，通过构建中介效应模型，研究债务杠杆对企业全要素生产率的影响关系及作用机制。研究表明：企业债务杠杆在总体上对TFP具有显著的负向影响，但短期杠杆较长期杠杆对TFP的伤害更大；企业债务杠杆主要通过增加财务成本、降低资本利用效率和劳动使用效率对企业未来的TFP产生不利影响；大规模企业、国有企业以及高融资约束企业受到债务杠杆的影响程度更大。

关键词: 企业债务杠杆, 全要素生产率, 财务成本, 资本利用效率, 劳动使用效率

Abstract: This paper takes the data of listed companies in China from 2000 to 2017 as a sample, and studies the relationship and mechanism between enterprise leverage and total factor productivity (TFP) by constructing a mediation effect model. The research shows that: (1) enterprise debt leverage has a significant negative impact on TFP in general, but short-term leverage is more harmful to TFP than long-term leverage; (2) enterprise debt leverage will adversely affect the future TFP by increasing financial costs, reducing capital efficiency and labor efficiency; (3) Large-scale enterprises, state-owned enterprises, and companies with high financing constraints are more affected by debt leverage.

Key words: corporate debt leverage, total factor productivity, financial cost, capital utilization efficiency, labor utilization efficiency

中图分类号:

F832

胡海峰, 宋肖肖, 张超. 债务杠杆对企业全要素生产率的影响及作用机制 ——基于中介效应模型的分析[J]. 贵州财经大学学报, 2021(03): 62-73.

HU Hai-feng, SONG Xiao-xiao, ZHANG Chao. The Effect and Mechanism of Debt Leverage on Enterprise Total Factor Productivity—An Analysis Based on the Mediation Effect Model[J]. Journal of Guizhou University of Finance and Economics, 2021(03): 62-73.

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