Study On The Rationality Evaluation And Adjustment Path Of Leverage Ratio Of Non-Financial Enterprises

The non-financial sector is an important part of China’s economy,The economic development of the non-financial sector plays an important role in the national economy.With the rapid development of economy,China’s overall debt scale shows a trend of expansion,and the total debt of non-financial sector is also growing.While non-financial sectors to keep a certain amount of liabilities is helpful for increasing the service efficiency of funds,improve the enterprise vitality,and as one of the important sources of funds for the enterprise to expand reproduction,updating products can promote enterprise development,the industrial transformation and upgrading.But since reform and opening up,promoted the expansion of investment market environment optimization.Under the favorable market environment and policy support,various industries began to increase production capacity and expand production,which led to the rapid expansion of capital demand of non-financial enterprises and the increase of debt scale of non-financial enterprises.Excessive leverage ratio will bring about greater risks,reduce the ability of financial market to deal with risks and increase the vulnerability of financial market.Therefore,the issue of excessive leverage ratio of non-financial enterprises has attracted the attention of all sectors of society.In this context,deleveraging and risk prevention have become an important economic work in China.In this paper,on the basis of related economic theories,leverage in non-financial enterprises based on the analysis of the forming and regulating mechanism,according to China’s non-financial companies leverage the status quo,based on the manufacturer’s profit maximization,non-financial enterprises to leverage a reasonable level measurement model is established,non-financial companies leverage the rationality evaluation model and non-financial companies leverage ratio regulation model.Through data collection and collation,validity test of the model,empirical analysis is carried out,research conclusions are drawn,and relevant policy recommendations are put forward..The empirical results show that the actual leverage ratio of China’s non-financial enterprises is much higher than the reasonable level of non-financial enterprises’ leverage ratio.The net value ratio of production tax,reserve ratio and final product price of non-financial enterprises have significant influence on the change of non-financial enterprises’ leverage ratio.Considering the non-financial enterprise final product price is decided by the market.Based on the factors of net value of production tax and deposit reserve ratio,this paper analyzes the adjustment path of non-financial enterprises’ leverage ratio.Based on the above conclusions,this paper puts forward the following policy Suggestions for adjusting the leverage ratio of non-financial enterprises: first,reduce the net production tax rate of non-financial enterprises,reduce the production cost and transaction cost of non-financial enterprises,and promote the net production tax rate of non-financial enterprises to reduce;Second,increase production subsidies for non-financial enterprises to help enterprises with product upgrading and industrial transformation and upgrading.Third,through the people’s bank of China to increase the central bank deposit reserve ratio,stimulate interest rates to rise,reducing the leverage ratio of non-financial enterprises.Fourth,change the pattern of economic development.By stimulating the vitality of the market,promote the industrial upgrading of industries and reduce the leverage ratio of non-financial enterprises.