摘要
对于微观企业来说,去杠杆的主要手段是减债和增权,前者会直接加剧企业的融资约束程度,对公司的财务预算形成一个倒逼机制;而后者不仅不能有效缓解公司的融资约束,而且还会通过加剧股权集中度来加强对公司高管的监督。这些均可能会提高公司的营运资金管理效率,而存货周转率也将因此而得到提升。对此,本文基于2014—2019年非金融企业上市公司数据,使用双重差分模型进行了实证检验。研究结果表明,去杠杆政策的实施加速了企业的存货周转率,并且这种效应存在显著的异质性,即相对于审计质量较高的企业和规模较大的企业,去杠杆政策的实施将显著提高审计质量较低的企业和规模较小的企业的存货周转率水平。因此,在去杠杆进程中,公司治理各方应该因势利导,借此机会加速存货周转,追求零库存的理想境界。本文为深入推进去杠杆政策的落实提供了微观经验。
For micro enterprises,the main means of deleveraging are debt reduction and power increase.The former will directly aggravate the financing constraints of the enterprise and form a forced mechanism for the company's financial budget.The latter can not effectively alleviate the financing constraints of the company,but also strengthen the supervision of the company's executives by increasing the equity concentration,which may improve the efficiency of the company's working capital management,The inventory turnover rate will also be improved.In this regard,based on the data of listed companies of non-financial enterprises from 2014 to 2019,the double difference model is used for empirical test.The results show that the implementation of deleveraging policy accelerates the inventory turnover rate of enterprises,and this effect has significant heterogeneity,that is,compared with enterprises with high audit quality and large-scale enterprises,the implementation of deleveraging policy will significantly improve the inventory turnover rate of enterprises with low audit quality and smallscale enterprises.Therefore,in the process of deleveraging,all parties of corporate governance should make good use of the situation,take this opportunity to accelerate inventory turnover,pursue the ideal state of zero inventory,and provide more micro experience for further promoting the deleveraging policy.
作者
秦海林
段曙彩
HAILIN QIN;SHUCAI DUAN(Tiangong University)
出处
《产业经济评论》
CSSCI
2022年第6期37-56,共20页
Review of Industrial Economics
关键词
去杠杆政策
融资约束
定向增发
股权集中度
存货周转
Deleveraging policy
Financing constraints
Private placement
Equity concentration
Inventory turnover
