| At the beginning of the 21 st century,according to the rapid increase in China’s economy,our companies are in a state of rapid expansion,and the debt also increases day by day and causes the scale to expand rapidly.With corporate expansion,corporate total assets and total liabilities have increased steadily,and the growth rate of total interest-bearing debt has become evident,and management risk has gradually emerged.In recent years,China’s economic growth has slowed significantly due to the impact of the global epidemic,and economic policy has pursued higher quality development from the scale growth.The 19 th national congress report of the communist party of China pointed out that the structural reform of the suppliers led to the promotion of the high quality development of our economy.In the process of reform,The problem of high ratio of liabilities to assets of enterprises has become increasingly prominent.In different industries,the industries with high ratio of liabilities to assets are mainly concentrated in the construction industry such as real estate industry,building materials industry and building decoration industry.Because of the speciality of construction companies,the ratios of accounts receivables,contract assets,inventory assets,and construction in progress to the total amount of assets are high,and the total liabilities also remain high,and the leverage of the companies(i.e.,ratio of liabilities to assets)is high.The ratio of liabilities to assets of some construction listed companies exceeds 85%,a few exceed 90%,and some are even higher,which seriously threatens the financing ability and risk-taking ability of construction listed companies,and has become an important constraint on the sustainable and healthy development of enterprises.High leverage means a high risk,and obviously too much of the asset debt rate of the listed company is already a major potential risk affecting the stable development of our economy.Based on this,it is important to investigate the relationship between leverage and risk burdening ability.According to the statistics of the listed company of the building industry in Shanghai and Shenzhen as a research sample,which including real estate industry,building material industry and building decoration industry from 2007 to 2019,too high ratio of liabilities to assets are clearly affecting the firm’s normal production management.Is there a correlation between deleveraging and risk-bearing capacity of enterprises?In this paper,we select the building listed company from 2007 to 2019 as a research sample,and make the whole regression and group regression based on the constructed multiple linear model,and verify the relationship between deleveraging and corporate risk burdening capacity.This paper aims to explore the transmission mechanism of the impact of deleveraging on the enterprise’s risk-taking ability,put forward research hypotheses,and conduct research and analysis from the four dimensions of the enterprise’s own different asset liability ratio level,different asset scale,different property right nature and different equity concentration through quantitative empirical test,It is found that the listed construction companies can improve their risk-taking ability by deleveraging.Specifically,enterprises with high asset liability ratio are relative to enterprises with low asset liability ratio,large-scale enterprises are relative to small-scale enterprises,private enterprises are relative to state-owned enterprises Enterprises with low equity concentration are more obvious to improve their risk-taking ability through deleveraging than enterprises with high equity concentration.This article introduces innovative loan means in China’s capital market,which helps to optimize the loan structure of listed companies in China. |
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