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本文结合我国供给侧改革及推动经济高质量发展的现实背景，探讨企业杠杆风险的重要来源——经营杠杆是否及如何对企业全要素生产率产生影响。研究发现，经营杠杆的增加会显著抑制企业全要素生产率的提升。拓展性研究表明：(1)增加企业融资约束、降低企业投资效率，是经营杠杆抑制企业全要素生产率提升的重要作用机制；(2)经营杠杆降低企业全要素生产率的作用仅在企业面临更高的经营风险和调整成本时显著，表明企业自身面临较高的经营风险及调整成本水平，是经营杠杆降低企业全要素生产率的重要条件。本文的研究不仅丰富了全要素生产率的影响因素、经营杠杆经济后果的相关文献，对于落实结构化去杠杆，提高企业全要素生产率，实现经济高质量发展，也具有重要启示意义。
Abstract：This paper examines whether and how operating leverage as an important source of leverage risk, impact on total factor productivity in the background of China's supply-side reform and the promotion of high-quality economic development. We find that operating leverage significantly decrease corporate total factor productivity. Further evidences show that:(1) increasing financial constraint and reducing investment efficiency are important mechanisms through which operating leverage inhibit corporate total factor productivity;(2) the negative relation is only significant when firms face higher operating risks and adjustment costs, indicating that the high levels of operating risks and adjustment costs are important conditions for operating leverage to decrease corporate total factor productivity. Our study not only enriches the literature on the influencing factors of total factor productivity and the economic consequences of operating leverage, but also has important implications for the implementation of structural deleveraging, improving the total factor productivity of enterprises and achieving high-quality economic development.
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(1)2007—2020年为解释变量对应的研究期间。由于被解释变量企业全要素生产率(TFP)领先解释变量一期,故被解释变量对应的研究期间为2008—2021年。
(2)在审稿专家的启发下,为避免估算的经营杠杆与财务杠杆之间产生机械的相互关联,本文在计算经营成本OC时对当期财务费用进行了剔除。
(3)剔除不满8年连续窗口期的样本观测后,样本数量从28234下降为17705。
(4)由于控制高阶固定效应,Stata会剔除“Singleton Observations”共147个样本观测,由此导致样本数量从28234下降为28087。
(5)4A、5A的回归结果详见表3,表9、表10不再重复。
基本信息:
中图分类号:F275;F273
引用信息:
[1]朱琳,刘凤委,孙铮.经营杠杆与企业全要素生产率[J].经济学报,2024,11(02):1-28.
基金信息:
江苏高校哲学社会科学研究重大项目(2023SJZD009); 中国博士后科学基金第73批面上项目(2023M732185); 江苏省“青蓝工程”(苏教师函[2022]51号)的资助