Study On The Relationship Between Leveraging Level And Enterprise Performance Of Chinese Listed Manufacturing Enterprises

After the global financial crisis in 2008,in order to reduce the impact of the crisis on the real economy,China promulgated the "four-trillion" strong monetary stimulus through infrastructure investment to stimulate domestic economic growth,increase infrastructure and promote the development of iron and steel,cement,chemical and other projects,undertake most of the investment and the corresponding enterprises,leading enterprises of China's leverage rate continues to rise,corporate deleveraging has become an important issue in the process of economic reform in china.Therefore,under the background of "deleveraging" supply side structural reform,this paper starts with the influence of leverage level on business performance,and explores the relationship between leverage ratio and business performance of manufacturing enterprises,which has strong theoretical and practical significance.In addition,the financial management decision of operating and financial leverage in the enterprise operation process is widely used in enterprises,thus has an important influence on the performance of enterprises,and the relationship of enterprise leverage and corporate performance has not yet reached the research viewpoint of a cause.This paper using 2008-2016 annual date for sample object made listed manufacturing enterprises in China's Shanghai and Shenzhen exchange as the research object and analyzed the relationship between corporate leverage and the business performance.The empirical analysis shows that the overall level of leverage has a significant effect on business performance,and operating leverage and financial leverage has a significant positive effect on business performance,influence on the enterprise leverage business performance showed a strong enterprise heterogeneity.The overall leverage level of state-owned enterprise is significant higher than private enterprise,large enterprise's overall leverage is higher than small and medium ones.Operating leverage level is steady stationary and has heterogeneity of the characteristics.The operating level of state-owned enterprise if higher than private enterprise,large enterprise's operating leverage is lower than small and medium enterprise.The financial leverage of manufacturing enterprises is at low level.The financial leverage of state-owned enterprise is higher than private enterprise,and the large enterprise is higher than small and medium ones.Firm age and asset guarantee value have a significant negative effect on corporate performance,while firm size,liquidity,concentration of equity and tightness of monetary policy have a significant positive impact on corporate performance.