文献类型：期刊文献

中文题名：货币政策视角下零杠杆策略与企业全要素生产率

英文题名：The zero-leverage strategy and enterprise total factor productivity from the perspective of monetary policy

作者：张肖飞[1];史璐寒[2];谢香兵[1]

机构：[1]河南财经政法大学会计学院;[2]首都经济贸易大学会计学院

第一机构：河南财经政法大学会计学院

年份：2023

期号：1

起止页码：49-67

中文期刊名：产业经济评论

外文期刊名：Review of Industrial Economics

收录：国家哲学社会科学学术期刊数据库

基金：国家社会科学基金项目“系统性金融风险的内在成因、演化范式及动态监管研究”(16BGL050);河南省哲学社会科学规划项目(2020BJJ007);河南省高等学校哲学社会科学创新团队支持计划(2023-CXTD-07)的阶段性成果。

语种：中文

中文关键词：零杠杆策略;货币政策;投资效率;全要素生产率

外文关键词：zero-leverage policy;monetary policy;investment efficiency;total factor productivity

摘要：实体经济是国民经济的“压舱石”,如何提升企业全要素生产率成为促进实体经济高质量发展的关键。本文以沪深A股上市公司为研究样本,探讨了货币政策视角下零杠杆策略对企业全要素生产率的影响。结果表明:零杠杆策略会显著降低企业全要素生产率;货币政策则发挥了有效的调节作用,即在货币政策紧缩时,零杠杆策略降低企业全要素生产率更明显,这也说明了货币政策调控的必要性和有效性。作用机制分析表明,零杠杆策略主要通过降低投资效率来实现。进一步从零杠杆策略实施动因来看,不管融资约束高还是低,零杠杆策略均会降低企业全要素生产率。稳健性检验表明该结果不变。这一方面有助于全面揭示零杠杆策略对企业全要素生产率的影响机理,另一方面,我国应根据实体企业自身特点,有针对性地实施货币政策调控,提升企业全要素生产率,从而促进经济高质量发展。
The real economy is the "ballast stone" of the national economy. How to improve the total factor productivity of enterprises has become the key to promoting the high-quality development of the real economy. Taking Shanghai and Shenzhen A-share listed companies as a research sample, this paper discusses the impact of the zero-leverage strategy on the total factor productivity of enterprises from the perspective of monetary policy. The result shows that the zero-leverage strategy significantly reduces the total factor productivity of enterprises;the monetary policy has played an effective regulatory role, that is, when the monetary policy is not loose, the zero-leverage strategy reduces the total factor productivity of enterprises more obviously, which also illustrates the necessity and effectiveness of monetary policy regulation.The analysis of the mechanism of action shows that the zero-leverage strategy is mainly achieved by reducing investment efficiency. From the perspective of the motivation for the implementation of the zero-leverage strategy, no matter whether the financing constraints are high or low, the zero-leverage strategy reduces the company’s total factor productivity. The robustness test shows that the result remains unchanged. On the one hand, it helps to fully reveal the impact mechanism of the zero-leverage strategy on the total factor productivity of enterprises. On the other hand, China should implement targeted monetary policy adjustments based on the characteristics of real enterprises to increase the total factor productivity of enterprises and promote high-quality economic development.