| In recent years,as China’s economic growth rate has been continuously slowed down,domestic enterprises are generally facing external industrial structure adjustment,intensified competition,internal demographic dividend fading,rising labor costs,overcapacity and policy shocks.Various structural problems brought about by the early traditional economic development model are gradually emerging,among which the rapid rise of corporate leverage ratio has aroused wide attention from the society.At the 2015 Economic Situation symposium,the idea of "deleveraging" was put forward for the first time.The 2017 National Economic Work Conference further clarified that enterprise deleveraging is the top priority of the government’s work in the next few years.At the same time,in recent years,the trend of China’s"enterprise financialization" is significant,the enterprise entity investment is sluggish,the scale of financial investment increases year by year,social funds leave the real economy into the virtual economy,the proportion of financial profits in the total income of enterprises gradually increases,the economy has appeared "from the real to the virtual" phenomenon.For the current trend of enterprise"financialization" is obvious and the corporate leverage ratio is not high,does the financial asset allocation have an impact on the corporate leverage ratio and what is the impact mechanism?Exploring these problems not only helps to reasonably guide the enterprise structured deleveraging,but also provides the theoretical basis and practical significance for guiding the funds to effectively enter the real economy.From the micro perspective,this paper sorts out the existing relevant literature at home and abroad on the motivation and influence of enterprise financial asset allocation and the correlation with enterprise leverage ratio,and summarizes different views and research theories.Subsequently,the influence of financial asset allocation on the enterprise leverage ratio mechanism and the heterogeneity under different property rights are analyzed,and the research assumptions are proposed based on the theoretical basis and practical situation.Finally,according to the above theoretical analysis and research assumptions,the benchmark regression model and cross regression model are introduced into the financial asset allocation agent variable of the enterprise capital structure model,and the data of Chinese A-share listed enterprises from 2009 to 2019 are taken as the sample for empirical analysis.The main conclusions are as follows:1.The financial asset allocation behavior based on preventive reserve motivation suppresses the leverage ratio of both state-owned enterprises and non-state-owned enterprises,and has a stronger inhibitory effect on the leverage ratio of non-state-owned enterprises.2.Profit-driven financial asset allocation behavior promotes the leverage ratio of state-owned enterprises and non-soes,but there is no significant difference between the effect of state-owned enterprises and non-soes.3.The impact of financial asset allocation on the leverage ratio of SOand non-SOEs is significantly different in different industries.Finally,based on the analysis results described above,This paper puts forward the relevant suggestions on"deleveraging" and guiding funds to"turn from virtual to real":the government should target the characteristics of enterprise financial asset allocation behavior,Develop a compatible regulatory system,Combined with the actual situation of the industry,To adopt differentiated and targeted policies;Deleveraging while maintaining a relatively loose monetary policy,To ease the negative impact of deleveraging in the short term;Expand enterprise financing channels,Improve the capital market system,Establishing a multi-level capital market system,Get rid of the transitional dependence on debt financing;Introduce corresponding tax incentives and fiscal subsidy policies,We will encourage enterprises to invest in real industries and innovative research and development. |
PDF Full Text Request