信用供给的变化是宏观经济波动的重要原因,而企业杠杆率的变化有放大或者平抑宏观经济波动的作用。考察信用供给对企业资本结构的影响有助于我们进一步理解杠杆率在金融摩擦影响经济活动的过程中的作用以及背后的作用机制。文章利用我国去杠杆政策来考察信用供给冲击对企业资本结构的异质性影响。研究发现,随着2017年二季度金融监管的趋严和信用供给的收紧,国企的杠杆率相对私企开始显著下降,逆转了2008年以来国企结构性加杠杆的长期趋势。进一步研究表明,信用供给收缩通过融资约束和融资成本渠道结构性地降低了非国企的利润累积和权益增速,使得非国有企业杠杆率和债务风险的相对上升。文章揭示了信用供给对企业资本结构的异质性影响,发现了我国企业杠杆率结构性变化的新趋势,为化解企业部门的债务风险提供了一定的参考。
信用供给冲击与资本结构的异质性调整——基于去杠杆的证据
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引用本文
胡悦, 吴文锋. 信用供给冲击与资本结构的异质性调整——基于去杠杆的证据[J]. 财经研究, 2022, 48(10): 138-152.
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