Will Deleveraging Affect Enterprise Risk-taking?

China’s economy is in a critical period of moving towards high quality.Supply side structural reform is an important guarantee for high-quality economic development.As an important link of supply side structural reform,deleveraging is a major strategic deployment made after China’s economy enters the new normal.Enterprises are the main force of supply side structural reform.The policy effect of deleveraging is directly related to the success or failure of the reform,so the policy effect of deleveraging has attracted much attention.The deleveraging policy has achieved phased results in the early stage,and the leverage ratio of non-financial enterprises has been controlled to a certain extent.In 2020,thanks to the influence of COVID-19 and big powers,the leverage ratio of non-financial enterprises has reached a new high.Has become a hot topic.At present,the leverage ratio of non-financial enterprises is still high,and the hidden risks can not be underestimated.Improving the ability of enterprises to bear risks has attracted extensive attention.Based on the principal-agent theory,trade-off theory and soft budget constraint theory,this paper puts forward research hypotheses,takes the A-share non-financial listed companies from 2011 to 2020 as the research sample,uses the double difference method to empirically test the impact effect of deleveraging policy on enterprise risk-taking,and considers the differences of policy effect among enterprises with different property rights and scale types,as well as the impact mechanism of deleveraging policy on enterprise risk-taking.In order to ensure that the sample data is suitable for the double difference model,parallel trend test is carried out before empirical analysis;Placebo test,propensity score matching method and changing the grouping criteria of the treatment group were used to test the robustness of the results.The results show that:(1)deleveraging policy has a significant positive impact on enterprise risk-taking.After the implementation of deleveraging policy,the level of enterprise risk-taking is significantly improved;(2)Compared with state-owned enterprises,deleveraging policy has a more significant impact on the risk-taking of non-state-owned enterprises;(3)Compared with large enterprises,the risk-taking of small and medium-sized enterprises is more significantly affected by the deleveraging policy;(4)Financial expenses play a conductive role between deleveraging policy and enterprise risk-taking,and play a partial intermediary effect.It is of theoretical and practical significance to explore the impact of macro level deleveraging policy on micro level enterprise risk-taking.In the theoretical sense,it enriches the relevant research on deleveraging policy and enterprise risk-taking,and provides a theoretical basis for the economic effect of deleveraging policy.In a practical sense,it provides policy reference for government departments to further improve the deleveraging policy and deepen the supply side structural reform in the post epidemic period.