Inflation,Vertical Production Structure and Performance of Enterprises:A Partial Disscussion of the Redistributive Effect of Inflation in the Enterprise Sector
Based on the vertical production structure of upstream and downstream,and using the panel data of Chinese A-share listed companies from 2007 to 2021.This paper theoretically analyzes and empirically tests the impact of inflation on the heterogeneity of different types of enterprises.The results show that:(1)Moderate inflation can significantly improve enterprise performance.(2)Due to the sig-nificant differences between the upstream and downstream industries in terms of enterprise asset structure and market structure,inflation has opposite heterogeneous effects on the upstream and downstream enter-prises.Compared with downstream non-state-owned enterprises,the upstream state-owned enterprises are mostly in typical pro-cyclical industries,so inflation has a higher improvement on their performance level,but deflation is completely the opposite.(3)This redistribution effect exacerbates the volatility of state-owned enterprises'performance.As a result,the performance of state-owned enterprises in the eco-nomic boom period before the financial crisis was outstanding,and their performance was much higher than that of non-state-owned enterprises.In the aftermath of the financial crisis,performance fell even more,dragged down further by deflation.
InflationUpstream and downstream enterprisesState-owned enterprisesRedistribu-tion of wealth
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