Research On The Ways Of "Reverse Mixed Reform" Affecting Enterprise Leverage

Since 2017,China has made positive progress in deleveraging,but the overall leverage ratio is still high.The structural imbalance,especially the high leverage ratio of non-financial enterprises,has not been fundamentally reversed.At the same time,there is structural differentiation in deleveraging.The leverage ratio of local state-owned enterprises is basically stable,while the leverage ratio of private enterprises is higher.In the context of the new economic normal,high leverage ratio is still one of the key points that need to be paid attention to.The rising leverage ratio of enterprises is easy to lead to debt crisis and financial market turmoil.Therefore,it is still an important task for private enterprises to optimize the financing structure and prevent debt risks.As early as the Third Plenary Session of the 18 th CPC Central Committee,China put forward relevant policies to actively develop the cross shareholding of private shares and state-owned shares.In 2020,the national development and Reform Commission issued the implementation opinions on supporting private enterprises to accelerate reform,development,transformation and upgrading,which once again pointed out the need to promote the diversification of equity of private enterprises and encourage private enterprises to implement mixed ownership reform(hereinafter referred to as mixed reform).It can be seen that the "reverse mixed reform" has become an important measure of the current private enterprise reform,and the evaluation of the economic consequences of the "reverse mixed reform" of private enterprises is particularly important.Especially in recent years,the introduction of state-owned capital(hereinafter referred to as state-owned assets)by a large number of private enterprises has become the focus of attention.Therefore,this thesis studies the impact of "reverse mixed reform" on the leverage ratio of private enterprises.This is not only helpful to provide reference experience for the leverage governance of other private enterprises,but also of great significance to evaluate the economic consequences of "reverse mixed reform".This thesis takes the analysis of the impact of the "reverse mixed reform" on the leverage ratio of enterprises as the core research content,and mainly answers two questions:first,whether the "reverse mixed reform" of private enterprises can affect the leverage ratio of enterprises;Second,what are the ways in which the "reverse mixed reform" of private enterprises affects the leverage ratio of enterprises.The research findings of this thesis are as follows:(1)in the vertical and horizontal analysis of the change of enterprise leverage ratio,we get the preliminary conclusion: the "reverse mixed reform" of Cecep Guozhen reduces the leverage ratio of enterprises;(2)Through the analysis of the direct impact ways,it is concluded that the reduction of Cecep Guozhen’s leverage ratio is mainly due to the enhancement of endogenous financing ability and equity financing ability.In terms of debt financing,it does not reduce borrowing,but increases more long-term borrowing in the short term,but the optimization of enterprise debt term structure and the reduction of borrowing interest rate are also conducive to reducing enterprise leverage ratio;(3)Through the analysis of the indirect impact ways,it is concluded that the equity structure check and balance degree,business model and business strategy of Cecep Guozhen have changed due to the "reverse mixed reform",which is conducive to reducing the leverage ratio of enterprises.The contribution of this thesis is that: at present,a large number of existing studies pay attention to the mixed reform method of introducing non-state-owned capital into state-owned enterprises,while there are less literature on "reverse mixed reform",and less literature on how "reverse mixed reform" affects enterprise leverage.This thesis enriches the relevant research on the reform of domestic mixed ownership and the influencing factors of leverage ratio.In addition,it can also help other environmental protection private enterprises carrying out mixed reform to make better use of the advantages of state-owned enterprises to improve their excessive leverage ratio,and learn from the problems of Cecep Guozhen mixed reform to prevent in advance.