Research On The Influence Of "Double-Pillar" Regulatory On Non-Financial Enterprises Leverage

The outbreak of the international financial crisis in 2008 has made governments and academics around the world realize the monetary policies which aim mainly at macroeconomic growth have limitation,and macroprudential policies are needed to make the financial system more resilient.China has also gradually established a "double-pillar" regulatory framework to ensure the steady development of the macro economy.As the basis of macro economy,micro enterprise behavior reflects the transmission and adjustment effect of policies.The leverage ratio of nonfinancial enterprises in China has remained high for many years and reached 162% in 2020,so the risk of financial imbalance caused by corporate debt cannot be underestimated."Double-pillar" regulatory can effectively adjust the credit scale of our country,prompting enterprises to adjust the debt structure.Therefore,studying the relationship between the "double-pillar" regulatory and the leverage ratio of non-financial enterprises is not only conducive to exploring the micro channels of the "double-pillar" regulatory,but also to providing empirical evidence for reference to help the healthy and sustainable development of enterprises and the government to formulate more perfect policy planning,so as to better prevent systemic financial risks.This paper sorted out the relevant literature and basic theories of "double-pillar" regulatory and leverage ratio of non-financial enterprises.It analyzed the principle of "double-pillar" policy coordinating and stabilizing the macro economy,and clarified the influence mechanism of "double-pillar" regulatory on leverage ratio of non-financial enterprises through credit channel.Using the financial indicators of non-financial enterprises and relevant policy data in China from2010 to 2020 as samples,an empirical model is established to examine the effect of "double-pillar" regulatory on leverage ratio of non-financial enterprises,and to verify the mediating effect of bank credit,heterogeneity tests are also carried out at the firm level in terms of different ownership,size and financing constraints.Empirical results show that the "double-pillar" regulatory has a significant restraining effect on the leverage ratio of non-financial enterprises,tight macroprudential policies can effectively slow down the excessive growth of credit quantity caused by loose monetary policy,change the external financing cost of enterprises,reduce the amount of loans obtained by enterprises from banks and thus reduce the leverage ratio of enterprises.In addition,the effect of policy regulation on enterprises with different nature,size and financing constraints is significantly different.Based on theoretical analysis and empirical conclusions,this paper puts forward some policy suggestions from perfecting the "double-pillar" regulatory framework,innovating and enriching policy tools,perfecting multi-level capital market and improving enterprise financing structure.