中国制造业企业杠杆率对盈利能力的影响研究
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引用本文:龙海明,胡 鸣.中国制造业企业杠杆率对盈利能力的影响研究[J].财经理论与实践,2020,(5):70-76
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龙海明,胡 鸣 (湖南大学 金融与统计学院湖南 长沙 410079) 
中文摘要:基于2008-2017年沪深A股制造业上市公司基础数据,通过建立动态面板模型并使用系统GMM估计方法,研究制造业企业杠杆率对盈利能力的动态影响程度。结果表明:制造业企业杠杆率和盈利能力之间存在显著的倒“U”型关系;营运效率提升有助于增强企业杠杆率对盈利能力的促进作用,会提高企业最优杠杆率水平;营运效率对企业杠杆率和盈利能力关系的调节作用在国有企业中更加显著。
中文关键词:制造业企业杠杆率  盈利能力  营运效率
 
Research on the Influence of Leverage Ratio on Profitability of Manufacturing Enterprises in China
Abstract:Based on the data of A-share listed manufacturing enterprises in Shanghai and Shenzhen from 2008 to 2017, this paper studies the degree of dynamic influence of leverage ratio of manufacturing enterprises on profitability by establishing dynamic panel model and using systematic GMM estimation method. The conclusion shows that there is a significant inverted U-shaped relationship between the leverage ratio and profitability of manufacturing enterprises. The improvement in corporate operating efficiency is conducive to enhancing the promotion of corporate leverage ratio to profitability, and improving the optimal leverage ratio. The moderating effect of operating efficiency on the relationship between corporate leverage ratio and profitability is more obvious in state-owned enterprises.
keywords:leverage of manufacturing companies  profitability  operating efficiency
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