信贷资源配置、财务风险与企业营运能力

Credit Resource Allocation, Financial Risk and Enterprise Operation Ability

中文关键词:  信贷资源配置  营运能力  财务风险  产权性质  中小企业  供给侧结构性改革

英文关键词:allocation of credit resources  operational capability  financial risk  nature of property right  small and medium-sized enterprise (SME)  supply-side structural reform

中文摘要:

      信贷资源配置对企业营运能力的影响在不同所有制性质和规模的企业中表现出一定的差异。运用2015—2019年我国A股非金融类上市公司的样本,实证检验了信贷资源配置对企业营运能力的影响以及财务风险的中介作用。研究发现,我国上市公司的信贷资源配置与企业营运能力之间呈现倒“U”型关系；信贷资源配置对企业营运能力的不利影响通过财务风险路径传导,即财务风险在信贷资源配置对企业营运能力的负面影响中发挥了“中介效应”。异质性检验发现,相较于国有企业和经营规模较大的企业,信贷资源配置与企业营运能力的非线性关系在非国有企业和中小企业中更为显著。上述结论表明,改善融资市场结构性扭曲、提高微观企业信贷资源配置效率、降低非国有企业与中小企业的制度性融资成本,有利于增强债务融资企业的价值创造活力,提升企业的营运能力。

英文摘要:

      The influence of credit resource allocation on enterprise operational capability is different among enterprises with different ownership nature and scale. Using the research samples of A-share non-financial listed companies in China during the years from 2015 to 2019, this paper empirically tests the impact of credit resource allocation on enterprise operational capability and the mediating effect of financial risk. The research shows that there is an inverted “U-shape” relationship between the allocation of credit resources and the operational capability of non-financial listed companies in China. The adverse effect of the allocation of credit resources on the operational capability of enterprises is transmitted through the path of financial risk, that is to say, the financial risk can have an “intermediary effect” on the impact of the allocation of credit resources upon the operational capability of enterprises to a certain extent. The heterogeneity test shows that, compared with the state-owned enterprises and large enterprises, the non-linear relationship between credit resource allocation and enterprise operational capability is more significant in the non-state-owned enterprises (non-SOEs) and small and medium-sized enterprises (SMEs). The research conclusion above indicates that improving the structural distortion of the financing market, improving the allocation efficiency of micro enterprise credit resources, and reducing the institutional financing cost of non-SOEs and SMEs are conducive to enhancing the value-creating vitality in the credit financing enterprises and promoting the improvement of enterprise operational capability. 