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零负债公司不仅限于发达国家,在发展中国家也普遍存在。数据显示我国零负债的公司呈现逐年增长的趋势。为深入研究公司选择零负债政策的经济后果,本文选取沪深A股上市公司为样本,以2011-2015年为检验区间,采用倾向评分匹配法与双重差分模型,考察公司选择零负债政策的经济后果。研究结果显示,选择零负债公司有更好的经营业绩。本文的研究为解读“零杠杆之谜”提供了新的证据,为投资者与管理者的决策提供了指导和参考。
Zero-liability companies are not only limited to developed countries, but also common in developing countries. Data show that China’s zero-indebted companies showed a trend of increasing year by year. In order to further study the economic consequences of the company’s policy of zero debt, this paper selects the Shanghai and Shenzhen A-share listed companies as a sample, 2011 -2015 as the test interval, using the propensity score matching method and the double difference model to examine the economy of the company choosing zero debt policy as a result of. The results show that choosing a zero-liability company has better business performance. The research in this paper provides new evidence for the interpretation of “the puzzle of zero leverage” and provides guidance and reference for the decision-making of investors and managers.