The Influence Of Deleveraging On Capital Utilization Efficiency Of Industrial Enterprises

Since China's economy entered a phase of new normal,economic growth has been moderated,the economic structure has been optimized and upgraded,and the economy is increasingly driven by innovation instead of input and investment.In order to adapt to the economic “new normal”,the government has initiated supplyside reforms to response to the new characteristics of economic development.As an important part of supply-side structural reform,deleveraging has very important strategic significance.At the Central Economic Work Conference in the end of 2015,tasks of “lowering production capacity,destocking,reducing leverage,cutting costs and making up for shortness " were clarified,and the deleveraging work was officially put on the agenda;the official document for deleveraging in 2016,“Opinions of the State Council on Vigorously,Steadily and Properly Reducing Corporate Leverage Ratios” proposed seven main ways of reducing corporate leverage ratios;in 2018,the first meeting of the central Financial and Economic Commission made "deleveraging" a top priority,putting emphasis on deleveraging work.Industry is not only an important sector of China's economy but also one of the main sources of debt.Studying the impact of deleveraging on the efficiency of capital utilization of industrial enterprises is conducive to the implement of deleveraging in industrial enterprises.In this paper,the super efficiency DEA model combined with the window DEA model is used to measure the capital utilization efficiency of industrial enterprises.On this basis,we study the influence of deleveraging on the efficiency of capital utilization,then compare the results of deleveraging in enterprises with different ownerships.It is found that deleveraging helps to improve the efficiency of capital utilization of industrial enterprises,but the effect on firms with different ownership is different.Compared with private industrial enterprises,deleveraging plays a more significant role in improving the capital utilization efficiency of industrial state-owned enterprises.Therefore,this paper suggests that we should insist to pay attention to the control of debt,and take the state-owned industrial enterprises as the work focus.And at the same time,Government departments should reduce intervention and adjust policies in compliance with market principles and discipline.