【摘要】 2017年我国经济工作的重点是深化供给侧结构性改革,企业去杠杆成为重中之重。本文基于企业生命周期的视角,利用山东省上市公司2013~2015年的数据实证分析企业杠杆率对处于不同生命周期阶段企业的成长性综合能力的影响。结果表明,企业杠杆率对成长性具有抑制效应,并且对成长期和成熟期企业成长性影响较大,而对初创期和衰退期企业的成长性来说,杠杆率的抑制作用并不显著。因此,我国在进行企业去杠杆时应该考虑企业所处的生命周期阶段,针对企业杠杆率变化的原因和特征,分行业、分企业、分阶段积极稳妥降低企业杠杆率,为企业长期持续健康发展夯实基础。更多还原

【Abstract】 In 2017,the focus of China’s economic work is to deepen the Supply-side structural reform,and reduce the leverage ratio of enterprises has become a top priority.Based on corporate life cycle perspective, this paper uses the data of listed companies in Shandong Province from 2013 to 2015 to analyze the impact of leverage ratio on the growth ability of enterprises in different life cycle stages.The results show that the corporate leverage has inhibitory effect on growth,and it has a great influence on the growth of the enterprises in the growth stage and the mature stage, while the inhibition effect is not significant to the growth of enterprises in the start-up period and the decline stage. Therefore, China should take into account the life cycle stage of the enterprise during the process of enterprise deleveraging. In view of the causes and characteristics of the change of the leverage ratio, the enterprises will gradually and steadily reduce the leverage ratio by different industry enterprise and stage for the long-term sustained and healthy Development and lay a solid foundation.更多还原