Study On Leverage Ratio Heterogeneity Of Non-financial Enterprises

After experiencing the international financial crisis in 2008,the Chinese economy has been in a downward cycle.The overall leverage ratio has risen all the way,and the leverage ratio of non-financial enterprises has far exceeded that of other developed and developing countries.In order to ensure the security of China’s economic environment and the stable operation of the financial market,combined with the current situation of China’s excessive leverage ratio,in light of the complexity of China’s high leverage ratio,structural deleveraging requirements are proposed.This paper attempts to study the heterogeneity of the leverage ratio of non-financial enterprises in China and the causes of heterogeneity,proposes solutions to the current problem of excessively high corporate debt levels,and provides new ideas for the steady advancement of deleveraging.This article analyzes the overall situation of the leverage ratio of non-financial enterprises in China,describes the current situation of leverage ratio of non-financial enterprises at home and abroad,and makes a theoretical and empirical analysis based on the status quo.The empirical part selects non-financial enterprises among Shanghai and Shenzhen A-share listed companies as samples.Based on the existing literature and the research of other scholars,the data of the balance sheet and financial statements from 2010 to 2018 was collected,and the original data of the research was extracted from it.Process the data,construct variable indexes,and then establish a multivariate panel regression model,and empirically test the model.Finally,it summarizes the heterogeneity of the leverage ratio of non-financial enterprises and the impact of research factors on the leverage ratio of non-financial enterprises.The study first describes and analyzes the heterogeneous performance of leverage ratios of Chinese non-financial enterprises and then discusses the factors of heterogeneity.Enterprises are further divided into state-owned enterprises and non-state-owned enterprises according to ownership;large-scale enterprises and small-scale enterprises according to scale;east,central and west regions according to regions;storage post,education,comprehensive,Real estate and other 17 industries are grouped to conduct research.The study found that there is significant heterogeneity in the leverage ratio among the various groups.The leverage ratio of state-owned enterprises is higher than that of non-state-owned enterprises;the leverage ratio of large-scale enterprises is higher than that of small-scale enterprises;the leverage ratio of eastern regions The level is higher than that of the central region,and the level of the central region is higher than that of the western region;the level of inter-industry leverage ratio shows that the energy resource supply industry,infrastructure-related industries,sales industries,and real estate-related industries have higher leverage rates.High,while the level of leverage in other industries is low.The influencing factors of heterogeneity among different groups are also different.Finally,based on the above conclusions,policy recommendations are proposed for the heterogeneity of the leverage ratio of Chinese non-financial enterprises: Chinese non-financial enterprises should deleverage and seize the key area of state-owned enterprises,while deepening financial market reform,improving the financing environment,and promoting the development of state-owned enterprises stimulates market vitality.Pay attention to the regional differences in the leverage ratio of enterprises and formulate regulatory policies according to local conditions.Improve the operating system of the capital market,develop direct financing channels,alleviate the problem of excessive debt of large-scale enterprises,improve the financing environment,and solve the financing problem of small-scale enterprises.