The Impact Of Debt Leverage And Property Right On Investment Efficiency

The high debt of China's non-financial enterprises has become a serious problem that hinders the development of China's economy.As a prescription for the country,the deleveraging policy,in addition to alleviating the possible debt crisis,also aims to optimize the allocation of social resources and guide the flow of funds.Efficient companies ultimately improve total factor productivity.So,will debt leverage affect the efficiency of corporate investment? On the other hand,the nature of different property rights,in the context of deleveraging,the situation is not the same.Does this heterogeneity cause heterogeneity in the above effects? To this end,this paper takes 2,206 A-share listed companies from 2009 to 2017 as a sample to study the impact of corporate debt leverage on investment efficiency under different property rights.This paper uses the input DEACCR model to evaluate the investment efficiency of enterprises,and uses the panel data system GMM model for regression.The study found that the investment efficiency of Ashare listed companies and their debt leverage ratios show an inverted U-shaped relationship.Under the different property rights,the impact of the debt leverage of listed companies on the investment efficiency of enterprises has obvious heterogeneity.Compared with stateowned listed companies,the debt leverage of non-state-owned listed companies has a greater impact on investment efficiency.Under the current debt leverage level,the debt leverage of state-owned enterprises is on the right side of the inverted U-type.Reducing the debt leverage of state-owned enterprises can improve their investment efficiency;the debt leverage of non-state-owned enterprises is on the left side of the inverted U-type,and the non-state-owned enterprises are raised.Debt leverage can increase the efficiency of their investment.Based on the above conclusions,this paper proposes corresponding policy recommendations: the de-leverage policy should be reasonably grasped;the formulation and implementation of policies should be correct and sufficient for the property rights of enterprises.