| In recent years,the operating efficiency of the real economy has continued to decline,and the development of the financial industry is rising day by day.However,there are also some potential dangers in the development of the financial industry.In 2021,the leverage ratio of China’s non-financial enterprise sector reached 154.8%,which was only 74.9%in the United States and 103.2%in Japan in the same period,far higher than that of developed countries in Europe,America and Japan.A continuously high leverage ratio can induce an economic crisis and cause a huge social impact.Reducing the leverage ratio of enterprises has become a hot topic at present.Premier Li Keqiang has held many executive meetings of the State Council and made reducing the leverage ratio of enterprises an important work deployment.At the same time,enterprise financialization has also become a hot topic at present.Driven by earnings management motivation,enterprises are more willing to invest their only financial funds in the financial market because they can not obtain short-term benefits.In the current low interest rate market environment,it is easier for enterprises to obtain loan funds.Under the background of the current general downturn of the real economy,the direction of enterprise funds,especially the investment of debt funds,inevitably flows to the financial industry,which will have an impact on the actual leverage level of enterprises.In this paper,we focus on considering the effect of the capital allocation by borrowing by real enterprises on the financial leverage of enterprises,thus leading to the research topic of this paper.Therefore,this paper first introduces the definition and measurement indicators of financial asset allocation and financial leverage,and analyzes the specific laws of financial asset allocation and financial leverage through calculation,deeply explores the mechanism of financial asset allocation affecting financial leverage,and puts forward research assumptions.Further,with the help of wind database and the method of statistical large sample,this paper extracts the data of Shanghai and Shenzhen Ashare listed companies,takes financial asset allocation as the core explanatory variable,financial leverage as the explained variable,asset liability ratio and current ratio as the control variables,and experimentally constructs an individual fixed effect model of the impact of financial asset allocation on financial leverage.The empirical results show that the higher the financial asset allocation coefficient,the greater the financial leverage coefficient;The model has passed the robustness test,which shows that it is feasible to explore the impact of financial asset allocation on financial leverage by using the individual fixed effect model;At the same time,the heterogeneity analysis is made according to the characteristics of enterprise types and enterprise economic characteristics;The asset liability ratio of enterprises and the growth of employees make the effect of financial asset allocation on financial leverage deeper;The reduction of the turnover rate and current ratio of fixed assets makes the effect of financial asset allocation on financial leverage deepen.According to the research results,this paper puts forward the following policy recommendations:introduce support for enterprises in the central and western regions;Strengthen the support for private enterprises,strengthen the leading position of state-owned enterprises,continue to deepen the system reform of state-owned enterprises,and curb the financial investment behavior of state-owned enterprises;Improve the EBIT index of the enterprise’s total assets while reducing the interest rate on liabilities,effectively reducing the financial risk of the enterprise. |
PDF Full Text Request