“结构性”去杠杆与企业资产配置： “脱实向虚”还是“脱虚向实”

当代财经 ›› 2021, Vol. 0 ›› Issue (11): 125-137.

“结构性”去杠杆与企业资产配置： “脱实向虚”还是“脱虚向实”

窦炜

华中农业大学经济管理学院,湖北武汉 430070

收稿日期:2021-05-21 修回日期:2021-07-26 出版日期:2021-11-15 发布日期:2021-11-23
作者简介:窦炜,华中农业大学副教授,博士,主要从事公司财务与资本市场研究,联系方式dw1997@163.com。
基金资助:
国家社会科学基金项目“‘结构性'去杠杆背景下企业杠杆水平及其动态调整对金融资产配置的影响研究”（21BJY124）

“Structural”Deleveraging and Corporate Asset Allocation: De-Realization to Virtuality or De-Virtuality to Realization

DOU Wei

Huazhong Agricultural University, Wuhan 430070, China

Received:2021-05-21 Revised:2021-07-26 Online:2021-11-15 Published:2021-11-23

摘要/Abstract

摘要： 以我国2012—2019年A股非金融类国有上市公司为样本,通过双重差分析方法实证研究了“结构化”去杠杆政策对企业资产配置的影响。结果发现：去杠杆政策会显著降低企业的金融资产配置,并能抑制过度负债企业的固定资产投资,但对企业研发投资没有显著影响;去杠杆政策还会促进正常负债企业的实体投资,财政政策与“结构化”去杠杆的政策叠加能强化企业的实体投资,且高新技术企业税收减免的政策叠加效应要优于政府补助的政策叠加效应。

关键词: 去杠杆, 实体经济投资, 金融资产, 财政政策

Abstract: Taking China's non-financial A-share state-owned listed companies from 2009 to 2019 as samples, this paper empirically studies the impact of structurally deleveraging policy on corporate asset allocation with the double difference analysis method. The results show that the deleveraging policy can significantly weaken the financial asset allocation of the enterprises and curb the fixed asset investment of the over-indebted enterprises, but it has no significant impact on their R&D investments. The deleveraging policy has also significantly promoted the entity investment of the normally debt-laden enterprises. The overlaying of the fiscal policy and the structural deleveraging policy can strengthen the entity investment of the enterprises, and the overlaying effect of the tax reduction and exemption policies for the high-tech enterprises is better than that of the government subsidies policies.

Key words: deleveraging, real economy investment, financial assets, fiscal policy

中图分类号:

F275.1

窦炜. “结构性”去杠杆与企业资产配置： “脱实向虚”还是“脱虚向实”[J]. 当代财经, 2021, 0(11): 125-137.

DOU Wei. “Structural”Deleveraging and Corporate Asset Allocation: De-Realization to Virtuality or De-Virtuality to Realization[J]. Contemporary Finance & Economics, 2021, 0(11): 125-137.

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