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Abstract

Abstract:This paper takes the data of listed companies in China from 2000 to 2017 as a sample, and studies the relationship and mechanism between enterprise leverage and total factor productivity (TFP) by constructing a mediation effect model. The research shows that: (1) enterprise debt leverage has a significant negative impact on TFP in general, but short-term leverage is more harmful to TFP than long-term leverage; (2) enterprise debt leverage will adversely affect the future TFP by increasing financial costs, reducing capital efficiency and labor efficiency; (3) Large-scale enterprises, state-owned enterprises, and companies with high financing constraints are more affected by debt leverage.

Key words:corporate debt leverage,total factor productivity,financial cost,capital utilization efficiency,labor utilization efficiency

CLC Number:

F832

HU Hai-feng, SONG Xiao-xiao, ZHANG Chao. The Effect and Mechanism of Debt Leverage on Enterprise Total Factor Productivity—An Analysis Based on the Mediation Effect Model[J]. Journal of Guizhou University of Finance and Economics, 2021(03): 62-73.

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The Effect and Mechanism of Debt Leverage on Enterprise Total Factor Productivity—An Analysis Based on the Mediation Effect Model

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