企业生命周期、盈利能力与企业杠杆率——来自非金融企业上市公司的经验研究
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引用本文:舒长江,洪 攀.企业生命周期、盈利能力与企业杠杆率——来自非金融企业上市公司的经验研究[J].财经理论与实践,2020,(3):94-102
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舒长江,洪 攀 (南昌航空大学 经济管理学院 江西 南昌 330063) 
中文摘要:基于2008-2017年A股非金融企业上市公司数据,在Almeida 等(2004)、Han 和 Qiu(2007)的模型基础上,从企业生命周期视角构建三期动态投融资决策理论框架,重点考察不同期限条件下盈利水平对企业杠杆率的影响机制,从理论上剖析杠杆率差异化背后的企业投融资决策机制,结果发现:企业盈利能力是企业杠杆率动态调整的重要驱动力,企业资产收益率越高,资源配置效率越高,有利于减少资源错配的行为,进而有助于提升企业杠杆率。这就使得处在不同生命周期的企业杠杆率操作存在显著性差异,复苏成长期企业适合加杠杆,而成熟期和衰退期企业适合去杠杆。此外,企业盈利能力在企业生命周期与杠杆率之间起着正向调节效应。
中文关键词:企业生命周期  盈利能力  杠杆率  调节效应
 
Enterprise Life Cycle, Profitability and Enterprise Leverage:An Empirical Study of Listed Companies from Non-financial Enterprises
Abstract:Used Almeida et al. (2004) and Han & Qiu (2007) to structure the third phase of dynamic investment and financing model, this paper constructs a three-stage dynamic investment and financing decision-making theoretical framework from the perspective of enterprise life cycle. It focuses on investigating the influence mechanism of profitability on enterprise leverage ratio under different term conditions, and theoretically analyses the investment and financing decision-making mechanism behind the leverage differentiation. Based on the data of A-share non-financial listed companies from 2008 to 2017, the empirical test shows that: enterprise profitability is an important driving force for dynamic adjustment of enterprise leverage ratio. The higher the rate of return on enterprise assets and the higher the efficiency of resource allocation are, the better the behavior of reducing the mismatch of resources, and the better the leverage ratio of enterprises is. The results show that the operation of enterprise leverage ratio in different life cycles have significant differences, enterprises in the recovery and growth period are suitable for adding leverage enterprises in the maturity and decline are suitable for deleveraging. In addition, the study also found that corporate profitability plays a positive moderating role between corporate life cycle and leverage ratio.
keywords:enterprise life cycle  profitability  leverage rate  moderating effect
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