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dc.contributor.author周泽将
dc.contributor.authorZHOU Ze-jiang
dc.contributor.author修宗峰
dc.contributor.authorXIU Zong-feng
dc.date.accessioned2017-12-25T01:11:44Z
dc.date.available2017-12-25T01:11:44Z
dc.date.issued2017-12
dc.identifier.citation厦门大学学报(哲学社会科学版),2017,244(6):46-56zh_CN
dc.identifier.issn0438-0460
dc.identifier.urihttps://dspace.xmu.edu.cn/handle/2288/160899
dc.description周泽将,安徽大学商学院副教授,管理学博士;修宗峰,中南大学商学院副教授,管理学博士。zh_CN
dc.description.abstract【中文摘要】产能过剩已成为当前制约中国经济发展的重大问题,抑制相关行业产能过剩的政策措施已进人实施阶段。以中国2007—2012年的A股制造业上市公司为对象,实证考察金融生态环境和债务治理因素对企业产能利用的影响。研究发现:(1)公司所在地区的金融生态环境越好,其自身的产能利用率越高、产能过剩的可能性越低;(2)公司财务杠杆与企业产能利用效率正相关,与企业产能过剩的可能性负相关,相反,银行贷款、债务期限结构则与企业产能利用效率负相关,与企业产能过剩的可能性正相关;(3)与国有产权相比,民营产权一方面加强了金融生态环境、财务杠杆对企业产能利用效率、产能过剩的正面效应,另一方面降低了银行贷款、债务期限结构对企业产能利用效率、产能过剩的负面效应。 【Abstract】Based on the A-share listed companies from 2007 to 2012 in the manufacturing industries,this study examines the impact of the finance ecology and debt governance on corporate production capacity utilization. This research has found that:(1) the better the finance ecology in which the listed company is located,the higher the corporate capacity utilization and the lower the possibility of excess production capacity ;(2)the financial leverage of the companies has a positive correlation with corporate production capacity utilization and a negative correlation with the possibility of excess production capacity,but on the contrary,corporate bank loan and debt maturity structure have negative correlations with corporate production capacity utilization and positive correlations with the possibility of excess production capacity ;(3)compared with state-owned property rights,on the one hand,private-owned property rights strengthen the positive effects of finance ecology and financial on corporate capacity utilization and excess production capacity; on the other hand,they reduce the negative effects of corporate bank loans and debt maturity structure on corporate production capacity utilization and excess production capacity.These research results will be helpful for understanding how the finance ecology and debt governance factors affect the corporate production capacity; they also have some implications for two improve the gevernance effects of debt financing.zh_CN
dc.description.sponsorship国家自然科学基金青年项目“商邦文化、社会资本与高管经济行为”(71302068);国家自然科学基金青年项目“女性高管、会计行为与投资决策”(71302113);国家自然科学基金面上项目“本地任职、政治关联与企业财务行为:中国关系情境中独立董事视角的理论构建与实证检验”(71772001)zh_CN
dc.language.isozhzh_CN
dc.publisher厦门大学学报(哲学社会科学版)编辑部zh_CN
dc.subject金融生态zh_CN
dc.subjectfinance ecologyzh_CN
dc.subject债务治理zh_CN
dc.subjectdebts governancezh_CN
dc.subject产权性质zh_CN
dc.subjectnature of property rightszh_CN
dc.subject产能利用zh_CN
dc.subjectproduction capacityzh_CN
dc.title金融生态环境、债务治理与企业产能利用———基于中国A股制造业上市公司的经验证据zh_CN
dc.title.alternativeFinance Ecology,Debts Governance and Corporate Production Capacity:Evidence from Chinese Listed Companies in Manufacturing Industrieszh_CN
dc.typeJournal Paperzh_CN


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