Niu Feng, Wang Jiayi, Su Wunhong
School of Accounting, Hangzhou Dianzi University, Hangzhou, Zhejiang Province, China.
Front Psychol. 2023 Jan 4;13:1013257. doi: 10.3389/fpsyg.2022.1013257. eCollection 2022.
Based on the context of the implementation of China's comprehensive deleveraging policy, this study explores the impact of firm strategic differentiation on the emergence of leverage manipulation behavior.
The A-share listed firms in Shanghai and Shenzhen from 2007 to 2020 were used as the research objects, and the data were processed using Stata software.
The greater the degree of strategic differentiation, the higher the likelihood of firm leverage manipulation. The effect of strategic differentiation on leverage manipulation is more significant when firms are under short-term debt service pressure. Auditor industry expertise can weaken the positive relationship between strategic differentiation and firm leverage manipulation. Further results show that the degree of strategic differentiation increases the likelihood of firm leverage manipulation by increasing the degree of financing constraints of the firm.
This study enriches the literature on leverage manipulation, provides empirical evidence on the economic consequences of strategic differentiation, and has important implications for the precise implementation of deleveraging policies by relevant government departments, as well as a reference for external investors' decisions.
基于中国实施全面去杠杆政策的背景，本研究探讨了企业战略差异化对杠杆操纵行为产生的影响。
以2007年至2020年沪深A股上市公司为研究对象，使用Stata软件对数据进行处理。
战略差异化程度越高，企业进行杠杆操纵的可能性越高。当企业面临短期偿债压力时，战略差异化对杠杆操纵的影响更为显著。审计行业专长能够削弱战略差异化与企业杠杆操纵之间的正相关关系。进一步的结果表明，战略差异化程度通过提高企业的融资约束程度增加了企业杠杆操纵的可能性。
本研究丰富了关于杠杆操纵的文献，为战略差异化的经济后果提供了实证证据，对政府相关部门精准实施去杠杆政策具有重要启示，也为外部投资者的决策提供了参考。
