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6897我国上市制造业企业的商业信用与银行信贷关系存在长期互补特征，但信号理论对互补强度的演变过程缺乏有效的解释力。为探索信号理论之外的互补机制，反思企业债务结构的信贷偏移效应，文章提出了产能驱动假说，利用面板门限模型，得到了以下结论：（1）商业信用与银行信贷会随产能增长而呈现从“替代”到“互补”的演变特征，且互补强度（单位商业信用上升伴随的信贷上升）会随产能膨胀出现从“弱”到“强”的二次突变特征，即产能扭曲会使企业债务结构快速向银行信贷偏移，这为理解企业信贷依赖的形成路径提供了产能层面的微观解释。（2）企业债务结构再平衡能力具有异质性，高研发投资及低调整成本企业借助产能治理来修正信贷依赖的能力更强，因此降低调整成本、扶植企业创新应成为优化融资结构的重要政策路径。文章在信号理论之外提出了产能驱动假说，解释了我国企业债务结构扭曲的动态特征，并从技术创新与调整成本视角为推动企业实现债务结构再平衡提供了政策参考。
产能治理与企业债务结构再平衡——基于商业信用与银行信贷关系视角
摘要
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引用本文
于博, GaryGang Tian. 产能治理与企业债务结构再平衡——基于商业信用与银行信贷关系视角[J]. 财经研究, 2018, 44(2): 29–43.
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