| According to existing studies,financial assets held by enterprises are not always harmful.When there is a shortage of funds,financial assets can quickly fill the gap and reduce the external financing demands.As external financing demand is exactly a major motivation for enterprises to conduct leverage ratio manipulation,financial assets may restraining the manipulation.Based on the data of Chinese A-share companies from 2007 to 2021,this paper analyzed the influence of non-financial enterprises financialization on leverage ratio manipulation and the transmission mechanism of the influence.Then this paper analyzed the difference of influence in different property rights and background.In order to ensure the robustness of the results,this paper used different explained variables and other methods in robustness test.This paper draws the following conclusions:(1)In general,the financialization of non-financial enterprises has a significant inhibitory effect on their leverage ratio manipulation.(2)The financialization of non-financial enterprises can alleviate the financial constraints,thus restrained the manipulation of leverage ratio.(3)Abovementioned effect is stronger for minor enterprises.(4)Above-mentioned effect is stronger for non-state-run enterprises.(5)Above-mentioned effect is stronger for enterprises with low analyst coverage.(6)Above-mentioned effect is stronger under the background of the deleveraging policy.Possible innovations of this study:(1)This paper analyzed the influence of enterprises financialization on behaviors related to MVM from the perspective of leverage manipulation.(2)The influence mechanism between enterprises financialization and leverage ratio manipulation is studied. |
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