6915 
6648中国企业“高杠杆率”是推动全社会“高杠杆率”的重要原因。“去杠杆”已成为“三去一降一补”供给侧结构性改革的重点任务之一。但是要实现这一目标，必须深入探寻中国“高杠杆率”企业的结构性特征及其原因。文章选取了2005年至2012年中国上市公司和国有企业行业两套样本数据，运用双重差分方法，从“四万亿”经济刺激计划这一“逆经济周期”宏观经济政策视角探寻其对企业杠杆率及对不同行业异质性企业杠杆率呈现结构性变化的影响。研究结果表明，一方面，两套样本实证结果相互印证了“四万亿”经济刺激计划显著提高了该计划重点倾向行业企业杠杆率，特别是这些行业中受该计划支持力度相对较强的行业企业长期表现出更高的杠杆率；另一方面，两套样本实证结果互为补充表明了该计划显著提高了中西部地区重点倾向行业非上市国有企业杠杆率。因此，“去杠杆”应优先考虑降低“四万亿”经济刺激计划重点倾向行业企业的杠杆率和该计划在中西部地区重点倾向行业的非上市国有企业杠杆率。
“四万亿”经济刺激计划与企业杠杆率—来自中国双套样本数据的经验检验
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谢里, 张斐. “四万亿”经济刺激计划与企业杠杆率—来自中国双套样本数据的经验检验[J]. 财经研究, 2018, 44(3): 68–83.
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