梁静溪 刘爽

摘 要：本文以2011—2017年A股非金融上市公司为样本，基于非金融上市公司持股金融机构的产融结合模式，实证检验了产融结合对企业过度负债行为的影响，并探究产权性质对产融结合影响企业过度负债行为的作用。研究发现：相对于未实施产融结合的企业，已实施产融结合的企业能够缓解企业过度负债行为;相对于未实施产融结合的企业，已实施产融结合的国有企业比非国有企业缓解企业过度负债行为更显著。本文丰富了产融结合的经济后果研究，同时对当前推动以产融结合模式降低企业杠杆率的方式具有一定的理论借鉴意义。

关 键 词：产融结合;产权性质;过度负债

DOI：10.16315/j.stm.2021.01.008

中图分类号： F832.5

文献标志码： A

Abstract：This article takes 2011—2017 Ashare nonfinancial listed companies as a sample， based on the combination of industry and finance of nonfinancial listed companies holding financial institutions， empirically tested the impact of industryfinance integration on excessive debt behavior of enterprises， and explored the nature of property rights on the impact of financial integration on the excessive debt behavior of enterprises. The study found that： Compared with the enterprises that have not implemented the combination of industry and finance， the enterprises that have implemented the combination of industry and finance can alleviate the excessive debt behavior of the enterprise; Compared with the enterprises that have not implemented the combination of industry and finance， the stateowned enterprises that have implemented the combination of industry and finance Enterprises are more significant than nonstateowned enterprises in mitigating excessive debts. The paper enriches the research on the economic consequences of the combination of industry and finance， and at the same time has a certain theoretical reference significance to the current way to promote the combination of industry and finance to reduce corporate leverage.

Keywords：combination of industry and finance; nature of property rights; excessive debt

目前我国正处在调结构转模式的关键时期，产能过剩以及外部需求不足等问题使得企业的经营利润普遍呈现下降趋势，这无疑不在倒逼企业转型升级。然而，融资难成为阻碍企业转型升级和追求利润的首要因素。在融资需求、资本逐利和发展转型的驱使下，实体企业纷纷持股金融机构，即产融结合[1]。产融结合是指产业资本和金融资本的相互渗透，其主要模式有“由产到融”和“由融到产”。相比金融资本参股产业资本，产业资本参股金融资本所受到的产业安全和维护经济运行秩序等因素的限制较少;因此，大多数学者基于“由产到融”的产融结合模式进行研究。万良勇等[2]认为实施产融结合能够降低信息不对称程度和交易成本，从而减轻企业融资约束问题。……