摘要
本文以2007~2020年国内非金融上市公司为样本研究产品市场竞争对企业杠杆率的影响,同时重点考察其影响机制,研究发现,首先,产品市场竞争强度对企业杠杆率有负向影响,在控制年龄和企业规模、运用处理效应模型和倾向得分匹配方法重新估计等稳健性检验后,上述结论依然成立。其次,融资约束和资本配置是产品市场竞争影响企业杠杆率的重要机制,在资本配置方面,资本配置效率随产品市场竞争的增强而提高,当产品市场竞争更加激烈时,与增加资本投入相比企业更倾向于增加人力资源投入。最后,产品市场竞争对企业杠杆率的影响在企业产权性质、行业和地域方面存在异质性。具体而言,非国有企业产品市场竞争对企业杠杆率的影响更加显著,制造业和非东部地区产品市场竞争对企业杠杆率的影响明显强于非制造业和东部地区。
Taking the non-financial listed companies from 2007 to 2020 as a sample,we systematically studied the impact effect of product market competition on corporate leverage,meanwhile we focused on the mechanism of product market competition on corporate leverage,and the research found:First,the corporate’s product market competition intensity has a negative effect on corporate leverage ratio.After controlling for age and scale effects,re-estimating by using the treatment effect model and propensity score matching,the conclusions still show robustness.Second,the corporate’s product market competition exerts an effect on corporate leverage by affecting corporate financing constraints and capital allocation.In terms of capital allocation,capital allocation efficiency increases with product market competition.When corporate’s product market competition is more intense,companies are more inclined to increase human resource investment.Third,the impact of corporate’s product market competition on corporate leverage is heterogeneous in terms of the nature of corporate equity,industry and province.Specifically,product market competition has a more significant impact on corporate leverage in non-state-owned enterprises.If enterprises belong to manufacturing or locate in noneastern regions,the impact effect of product market competition on corporate leverage is significantly stronger than enterprises belong to non-manufacturing or locate in eastern regions.
作者
王雪标
祝伟展
Wang Xuebiao;Zhu Weizhan(School of Data Science and Artificial Intelligence,Dongbei University of Finance and Economics,Dalian116025,China;School of Economics,Dongbei University of Finance and Economics,Dalian116025,China)
出处
《数量经济研究》
2023年第1期17-34,共18页
The Journal of Quantitative Economics
基金
国家自然科学基金面上项目“我国通胀预期和通胀风险溢价与宏观因子作用机制的计量研究”(71273044)资助。
关键词
产品市场竞争
企业杠杆率
融资约束
资本配置
Product Market Competition
Corporate Leverage
Financing Constraints
Capital Allocation
