Deleveraging Policy And Enterprise Export Scale

Since the outbreak of the financial crisis in 2008,the loose economic environment has made the problems of high total leverage ratio,fast growth rate and structural imbalance increasingly prominent.In order to prevent financial risks,the "deleveraging" policy was gradually implemented after the central government proposed the supply-side structural task of "three cuts,one reduction,one reduction,and one strengthening" in the end of 2015.In this context,the relationship between deleveraging and the export scale of enterprises has aroused heated discussion in the academic circles.Based on the panel data of China’s A-share listed entities in 2012-2018,this paper conducts the double difference method to test the impact of deleveraging policy on the export scale of enterprises.The study found that:(1)there is a negative correlation between the implementation of the deleveraging policy and the export scale of enterprises,that is,the implementation of the deleveraging policy reduces the export scale of enterprises;(2)compared with the non-state enterprises,the implementation of the deleveraging policy has more significant effect on the state-owned enterprises;(3)the implementation of the deleveraging policy has more significant effect on the manufacturing enterprises;(4)the impact of the deleveraging policy on the export scale of enterprises.The innovation point of this paper is that:(1)innovation at the research level.This paper evaluates the policy effect of deleveraging from the micro enterprise level,studies the impact of the change of corporate leverage ratio of excessive debt financing on enterprise export under the background of deleveraging policy,and adds to the existing literature;(2)the innovation of research perspective.This paper introduces financing constraints into the model,analyzes the mechanism of deleveraging policy on export business of enterprises from the perspective of enterprise capital structure,and deepens and expands the research on export of domestic enterprises;(3)innovation of research methods.In terms of research methods,this paper takes the deleveraging policy in 2016 as a quasi-natural experiment.Under the premise of fixing the individual and time effects of enterprises,we use the dual difference model to study the relationship between deleveraging and enterprise export.Further,this paper also groups back the enterprises according to different ownership and industries,and discusses the heterogeneity of the impact of deleveraging policies on enterprise exports.Based on the empirical conclusion of this paper,it is suggested that the government should adhere to a more active structural deleveraging to broaden the financing channels for small and medium-sized enterprises;enterprises also need to optimize their capital structure and improve export strategies to enhance export competitiveness.