【摘要】 选取2008—2017年我国沪深A股上市公司样本,实证检验了企业杠杆率与企业高质量发展的关系以及产权异质性和区域异质性对二者关系的影响。研究发现,企业杠杆率与企业高质量发展存在显著的倒"U"形关系;当企业杠杆率小于59.84%时能够促进企业高质量发展,企业杠杆率超过59.84%时不利于企业高质量发展。该结论在考虑产权异质性和区域异质性的条件下依然成立,企业杠杆率的拐点值呈现出非国有企业>地方国有企业>59.84%>中央企业,东部地区>59.84%>中部地区>西部地区的特点,表现出东部地区、中部地区和西部地区,非国有企业、地方国有企业和中央企业依次递减的规律。上述结论在控制了潜在的内生性后依然成立。研究结论为我国建立资产负债约束机制,区分不同地区、企业类型设置资产负债率重点监管线,推动企业高质量发展具有启示意义。更多还原

【Abstract】 Selecting the 2008-2017 Shanghai and Shenzhen A-share non-financial listed companies as research samples,this paper empirically tests the relationship between corporate leverage and high-quality development, and analyzes the impact of property heterogeneity and regional heterogeneity on the relationship between the two. On this basis,the role of marketization in the region where the enterprise is located and the degree of government intervention in this mechanism of influence are examined. The study found that there is a significant"inverted U-shaped"relationship between corporate leverage and high quality development, and the inflection point of corporate leverage is 59.84%.This conclusion is still established considering the heterogeneity of property rights and regional heterogeneity, the inflection point of corporate leverage shows non-state-owned enterprises>local state-owned enterprises>59.84%>central state-owned enterprises, eastern region>59.84%>central regions>western regions, at the same time, it also shows the law of the declining of non-state-owned enterprises, local state-owned enterprises and central state-owned enterprises in the eastern, central and western regions. The above conclusions are still established after controlling for potential endogeneity.This paper has implications for rationally adjusting the leverage ratio of listed companies in China, constructing an effective asset-liability constraint mechanism, and achieving high-quality development of enterprises.更多还原