摘要
“去杠杆”政策直接影响着制造业企业绩效。本文选取沪深A股上市制造业企业2017—2022年财务数据为研究样本,分析“去杠杆”政策对企业业绩波动的影响及可能存在的中介路径,通过固定效应模型实证分析了制造业企业杠杆水平、研发投入对企业绩效的影响。研究结果表明,制造业企业去杠杆政策会显著提升企业绩效;该政策效应在国有制企业中效果优于非国有制企业;研发投入在去杠杆与企业绩效之间承担中介效应。因此,稳步推进“去杠杆”政策,加强政策引导,加大研发投入,根据企业异质性因企施策提效。“去杠杆”政策的实施,将释放更多的资金进入到研发领域,增强制造业技术创新与产品竞争力,进而提升企业绩效。
The policy of"deleveraging"directly affects the performance of manufacturing enterprises.This paper selects the financial data of manufacturing enterprises in Shanghai and Shenzhen A-shares from 2017 to 2022 as the research object.We study the impact of the"deleveraging"policy on the fluctuation of enterprise performance and the possible intermediary path.We empirically analyze the impact of the level of deleveraging and the R&D investment on manufacturing enterprises performance through the fixed effect model.The results show that the deleveraging policy of manufacturing enterprises can significantly improve enterprise performance and the policy effect is more significant for state-owned enterprises.The R&D investment plays a mediating role between the level of deleveraging and manufacturing enterprises performance.Therefore,we should steadily promote"deleveraging"policy,strengthen policy guidance,increase R&D investment and adopt different policies according to the heterogeneity of enterprises to improve the efficiency of policies.The implementation of the"deleveraging"policy willrelease more funds into the field of research and development,which can enhance the technological innovation and the competitiveness of the manufacturing enterprises and then improve the enterprises performance.
作者
耿冉冉
范佩佩
潘明明
GENG Ranran;FAN Peipei;PAN Mingming(School of Business Administration,Chaohu University,Hefei 238024,China;School of Economics and Management,Anhui University of Engineering,Wuhu 241000,China)
出处
《忻州师范学院学报》
2025年第2期51-58,共8页
Journal of Xinzhou Teachers University
基金
安徽省青年学人成长计划专项课题(QNXR202476)
安徽省高等学校哲学社会科学研究重点项目(2023AH 05208)
巢湖学院校级质量工程一般项目(ch21jxyj17)。
关键词
“去杠杆”
研发投入
企业绩效
产权性质
deleveraging
R&D investment
enterprise performance
nature of property rights
