减负和减负能力:基于资产可逆性的企业资本配置的比较分析
Songbo Jia1, Chenying Sang2, Shiwei Su1
1School of Finance, Henan University of Economics and Law, Zhengzhou, China.
PloS one
|November 15, 2023
概括
降低杆和丧失能力显著改善了企业资本分配,以促进可持续发展. 资产的可逆性影响了这些影响,强调了在全球能源挑战中需要优化资本战略的必要性.
科学领域:
- 经济学 经济学 经济学
- 环境科学 环境科学
- 企业金融公司财务
背景情况:
- 中国的刺激政策导致了工业过度杆化和产能过剩,特别是在高污染的行业.
- 减负和减产对于受影响行业的可持续发展至关重要.
- 优化资本配置对于资源管理和长期可持续性至关重要,尤其是在全球能源危机期间.
研究的目的:
- 调查去杆化和失能对中国企业资本配置的影响.
- 分析资产可逆性如何调节去杆化/失能和资本配置之间的关系.
- 探索这些影响的地理和特定公司的变化.
主要方法:
- 利用了中国A股上市公司 (2009-2019) 的数据.
- 采用固定效应,倾向性得分匹配 (PSM) 和差异差异 (DID) 方法.
- 根据地理和公司特征进行了统一性分析.
主要成果:
- 降低杆和减产分别大幅增加了3.67%的金融资本配置和0.63%的与投资相关的资本配置.
- 资产的高可逆性削弱了去杆对金融资本的影响,但增强了无能力对资本投资的影响.
- 由于位置和技术的影响,资产的异质可逆性导致了去杆化和丧失能力的不同影响.
结论:
- 减负和减负能力有助于优化资产配置,以实现可持续发展.
- 资产可逆性是影响这些政策有效性的关键因素.
- 调查结果为减轻企业资本错误配置和支持可持续工业实践提供了洞察力.
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