摘要
文章以2014—2021年我国沪深A股上市公司为研究对象,利用熵权法测度企业高质量发展水平,并实证探讨了财政补贴、金融杠杆和企业高质量发展之间的关系。结果表明,企业高质量发展水平整体呈上升趋势;财政补贴与企业高质量发展正相关,即财政补贴增加可提升企业高质量发展水平;金融杠杆对企业高质量发展的影响呈“倒U”型非线性特征。异质性分析表明,在国有与技术密集型企业中,财政补贴与金融杠杆均发挥着较大支持作用;在中西部地区与非省会城市中,金融杠杆与财政补贴均能够助力企业高质量发展,但对东部地区与省会城市的促进作用较小。
This paper takes Shanghai and Shenzhen A-share listed companies from 2014 to 2021 as the research object,uses the entropy weight method to measure the high-quality development level of enterprises,and empirically explores the relationship between financial subsidies,financial leverage and high-quality development of enterprises.The results go as the following:The overall level of high-quality development of enterprises is on the rise.Financial subsidies are positively related to the high-quality development of enterprises,that is,the increase of financial subsidies can improve the high-quality development level of enterprises.The impact of financial leverage on the high-quality development of enterprises shows an inverted U-shaped nonlinear feature.Heterogeneity analysis shows that fiscal subsidies and financial leverage play a greater supporting role in state-owned and technology-intensive enterprises.In the central and western regions and non-provincial capital cities,financial leverage and financial subsidies can help the high-quality development of enterprises,while the promotion effect on the eastern region and provincial capital cities is relatively small.
作者
蒋永彩
Jiang Yongcai(School of Economics,Yunnan University of Finance and Economics,Kunming 650000,China)
出处
《统计与决策》
北大核心
2025年第4期132-137,共6页
Statistics & Decision
基金
国家社会科学基金重大项目(17ZDA053)。
关键词
财政补贴
金融杠杆
企业高质量发展
调节效应
financial subsidies
financial leverage
high-quality development of enterprises
moderating effect
