This paper constructs the measurement index of core competence by text analysis method and empirically tests the influence of core competence on enterprise capital structure. We find that the stronger the core competence is, the lower the asset-liability ratio will be, which means core competence can help enterprises to deleverage. The mechanism test finds that the influence of core competence on enterprise capital structure is realized by enhancing profitability and increasing internal free cash flow, which supports the pecking order theory. Further research shows that (1) the influence of core competence on enterprise capital structure mainly plays a role in enterprises with high level of debt, indicating that core competence can play a positive role and effectively reduce the leverage ratio of high-leverage enterprises, and (2) the core competence can effectively reduce the leverage ratio of both state-owned enterprises and non-state-owned enterprises, indicating that core competence can play a positive role and achieve a full deleveraging. This paper clarifies the mechanism of core competence on enterprise capital structure, enriches the literature on the economic consequences of core competence and factors affecting enterprise capital structure, and provides scientific support for governments at all levels to implement the structural deleveraging policy accurately.

本文通过文本分析方法构建了核心竞争力的测度指标，并通过实证检验了核心竞争力对企业资本结构的影响。我们发现，核心竞争力越强，资产负债率就越低，这意味着核心竞争力可以帮助企业去杠杆化。机理测试发现，核心能力对企业资本结构的影响是通过提高盈利能力和增加内部自由现金流来实现的，这支持了啄序理论。进一步的研究表明：（1）核心竞争力对企业资本结构的影响主要在高负债企业中发挥作用，表明核心竞争力可以发挥积极作用，有效降低高杠杆企业的杠杆率，（2）核心竞争力可以有效降低国有企业和非国有企业的杠杆率，表明核心竞争力可以发挥积极作用，实现充分去杠杆化。本文阐明了核心竞争力对企业资本结构的作用机理，丰富了关于核心竞争力的经济后果和影响企业资本结构的因素的文献，为各级政府准确实施结构性去杠杆政策提供了科学依据。