The Influence Of Financial Asset Allocation On Corporate Leverage Ratio

Since the reform and opening-up,China’s economic development mode has changed from high-speed growth in the past to medium and low-speed growth at present.The prominent structural problem of the economy is the high leverage ratio of non-financial enterprises.In addition,with the rapid development of Internet Finance and the increasing allocation of financial assets by enterprises,the injection of virtual economy and the transfer of investment subjects have changed the status of a large number of real economies,leading to the emergence of problems biased towards virtual economy.Therefore,the research on the allocation of financial assets by enterprises is of great significance to the analysis of deleveraging and real economy.Firstly,it analyzes and combs some literature on the impact of enterprise financial and leverage on the virtual economy and the real economy.Then,based on the literature review,combined with the research background of enterprise financial and enterprise leverage ratio and the corresponding theoretical analysis,empirical research is carried out.Finally,this paper makes a logical and empirical analysis of the impact of enterprise financial on enterprise leverage.According to the data collation of Guotai’an(CSMAR)database,the key data of China’s non-financial enterprises from 2008 to 2020 is taken as the research sample to investigate the influence of financial enterprise ratio of leverage.This paper mainly uses the intermediary effect model to empirically analyze the research problems,adds the intermediary variable return on assets,and tests the mechanism of the impact of financial asset allocation on enterprise leverage.At the same time,the research conclusion is refined:Taking the leverage ratio of enterprises as the explained variable and the allocation of financial assets as the explained variable,the benchmark regression analysis is carried out on the sample data;The explained variable is changed to enterprise property right ratio for robustness test;Adopt two-stage least squares method(iv-2sls)and System GMM method control to carry out endogenous test;Through comparative analysis of enterprise types(state-owned enterprises and non-state-owned enterprises)and debt maturity types(short-term liabilities and long-term liabilities),the research shows that non-financial enterprises can reduce enterprise leverage and return on assets by increasing financial asset allocation,which is significant at the level of 1%.And after adding the intermediary variable of return on assets,the coefficient of enterprise leverage ratio decreases,which indicates the existence of the upgrading effect of return on assets.