A Study On The Structural Problems Of Corporate Debt Leverage

Whether the size of the debt and the economic output of the lever there is a perfect balance,which is the subject of academic research has been.That the lever is a "double-edged sword",on the one hand to curb interest rates to stimulate investment,generate wealth effect to promote consumption,on the other hand to expand the deficit to bring debt pressure.At present,China's debt debt problem is not just the absolute value of debt leverage is too high,but the debt lever there is a structural problem,that is,business debt and financial debt leverage between the uneven.As one of the five tasks of structural reform on the supply side of our country,there are many problems to be clarified in theory and practice.Only by finding out the reason of the above structural problems in China's debt levers can we provide reasonable methods and means to reduce the leverage,So the study of this article more practical significance.The main contents of this paper are as follows: Firstly,on the basis of the existing literature,this paper clarifies the research scope of this paper,and then puts forward the key problems to be explored in this paper.Secondly,on the basis of clarifying the research problem,this paper divides the debt levers into operating debt levers and financial debt levers in order to further clarify the existence of structural problems emphasized in this paper.Then,the paper analyzes the present situation,The empirical analysis of the previous research conclusions is carried out,and the empirical test is carried out according to the problems:(1)the empirical test of the main factors influencing the debt lever and the corporate financial debt lever;(2)the nature of the ownership of the enterprise;(3)and the empirical test on the influence of debt on the debt and financial debt leverage;(4)the empirical test on the influence of regional factors on corporate debt and financial debt leverage.Finally,based on the above empirical analysis and the analysis of the status quo,the author gives a simple conclusion of this paper and puts forward the pertinent suggestions to solve the problem of debt leverage in China's non-financial enterprises.The main conclusions of this paper are as follows:(1)China's leverage is mainly concentrated in the non-financial sector.The high non-financial sector is the main reason for the high leverage ratio in China.Among them,the structural problems of China's debt leverage mainly reflect the debt and leverage The imbalance between.(2)The empirical research structure of the factors affecting the debt leverage and financial debt leverage of enterprises shows that there are significant differences in the factors that affect the debt and financial debt leverage.(3)The structure of the empirical examination of the effects of ownership on corporate debt leverage and financial debt leverage shows that the average level of financial debt leverage of state-owned enterprises is significantly higher than that of non-state enterprises.(4)Empirical analysis of the effect of industry characteristics on corporate debt leverage and financial debt leverage shows that the industry characteristics will significantly affect the operating debt and financial debt levers;(5)regional factors on corporate debt and financial debt leverage empirical test The results show that the average level of financial debt leverage in the western region is significantly higher than that in the eastern region,while the average level of operating debt leverage in the western region is significantly lower than that in the eastern region.