Research On The Relationship Between Enterprise Leverage Ratio,Asset-liability Ratio And Economic Development

Due to the double impact of the international economic downturn and the shift of domestic growth rate,China's GDP growth rate has gradually slowed down,and the debt problems of non-financial enterprises are prominent.As an important part of the development of the real economy,non-financial enterprises have a direct impact on the macro-economic operation.In recent years,China's non-financial companies leverage and asset-liability ratio rose,formed the huge debt crisis,exacerbated by the instability of the financial system,also the slow economic growth.At the same time,the macro economic recovery is slow,and the lack of domestic demand makes the problem of excess capacity of enterprises serious,which is not conducive to the promotion of the deleveraging process.Therefore,it is of great practical significance to study how to balance the balance between "steady growth" and deleveraging.Combed the related literature,this paper summarizes the domestic and foreign about non-financial companies leverage ratio,asset-liability ratio,and the study of the theory of the relationship between economic development,and based on analysis of the present situation in our country,it is concluded that both with China's economic growth rate is negative correlation between the conclusion.On the one hand,excessive leverage and asset-liability ratio will reduce the return on investment,increased its debt default risk,which further increases the banking liquidity risk,lead to the financial system instability.Sustained economic downward again,on the other hand,can lead to declines in asset prices and industries with excess capacity,increase enterprise debt burden,fueling non-financial companies leverage and asset-liability ratio,so that it is high.After this article selects the non-financial companies during1996-2016 data of leverage and the asset-liability ratio,using SVAR model to analyze the relationship with the GDP growth,through empirical conclusion again confirm the above research results.The innovation points of this paper are: firstly,the relationship between non-financial enterprises and economic development is analyzed from two aspects:leverage ratio and asset-liability ratio,which enriches existing research contents.Secondly,it is of practical significance to realize that moderate economic growth is necessary for non-financial enterprises to deleverage.On the supply side,therefore,under the background of reform,our country should combine their own national conditions,coordinate the relationship between "steady growth" and to leverage both,on the one hand,to strengthen the macro-prudential regulation of non-financial companies,by moderate monetary policy,credit policy,and constantly expand the financing channels for stable macroeconomic operation;On the other hand,maintain a reasonable economic growth rate,systemic financial risk prevention and control of all the time,to stabilize the financial system,so as to promote non-financial companies leverage and gradually reduce the asset-liability ratio.