我国制造业企业的债务重组财务绩效研究

Research on the Financial Performance of Debt Restructuring of Manufacturing Enterprises in China

摘要: 自2020年新冠疫情爆发，我国众多制造业企业陷入债务危机，企业面临着进行债务重组实现存量资产盘活和经济重启，然而对于债务重组能否使企业真正摆脱财务困境，目前学术界尚存在着争议。因此本文以我国2007~2018年发生债务重组的制造业上市公司为研究样本，对制造业企业债务重组财务绩效进行相应的实证分析，结果发现债务重组会显著地降低企业未来的财务绩效，即债务重组存在政策陷阱。并运用企业规模变量进一步分析，发现企业规模越小，债务重组对重组企业的未来财务绩效的负面影响更显著。

Abstract: Since the outbreak of the COVID-19 in 2020, many manufacturing enterprises in China have fallen into a debt crisis, and enterprises are facing debt restructuring to realize the revitalization of stock assets and economic restart. However, there is still a dispute in the academic circles whether debt restructuring can really extricate enterprises from financial difficulties. Therefore, this paper takes the manufacturing listed companies with debt restructuring in China from 2007 to 2018 as the re-search sample, and conducts corresponding empirical analysis on the financial performance of debt restructuring of manufacturing enterprises. The results show that debt restructuring will signifi-cantly reduce the future financial performance of enterprises, that is, debt restructuring exists in policy traps. Further analysis using the company size variable shows that the smaller the size of the enterprise, the more significant the negative impact of debt restructuring on the future financial performance of the restructured enterprise.