Influence Of Intangible Assets On Leverage Ratio Of Chinese Listed Companies

As the economy continues to develop,companies can no longer rely on an annual plan to cope with the entire operating situation.Faced with a complex economic environment,companies need to adjust their own management and protection as the economic environment changes.Among them,the company's leverage ratio is inextricably linked with the decision-making of the leadership in the business process,the future development of the company and other key points.It is also closely related to the risks the company faces in the business process.Therefore,it is very important to study what factors determine the firm's leverage ratio and whether there is an optimal corporate leverage ratio.On the other hand,with the development of science and technology,the popularization of Internet technology enables the rapid dissemination of knowledge and information.Intangible assets with the core content of goodwill,technology development,and new talents are playing an increasingly important role in the company.The company's investment in intangible assets is gradually accelerating.Therefore,in the process of accumulating intangible assets of listed companies,whether it will affect the leverage ratio of the company and the extent of its impact is a very valuable research topic.Through the study of this issue,it is possible to improve the company's intangible assets.Understanding,more flexible adjustment of their investment strategies;can also change the financial institutions such as banks in the past valued too much physical asset mortgages,ignore the inertia of loans intangible assets,this will not only help companies optimize the leverage ratio,but also can improve the financial services environment.In response to this problem,this paper systematically analyzes the research results of domestic and foreign scholars on related issues,and then gives a brief introduction to related theories.Then the paper uses the panel data of 3015 listed companies from 2000 to 2016.The impact of intangible assets on corporate leverage ratios was empirically studied using multivariate mixed regression model,fixed effect model,and other models,and the results obtained were robustly tested.In the end,based on empirical results,this paper presents the characteristics of listed companies' intangible assets'impact on leverage and related policy recommendations.This empirical study found that,firstly,there is a significant positive correlation between the intangible assets and the asset-liability ratio.Among them,there is a significant negative correlation between goodwill and R&D and corporate asset-liability ratio.Second,there is a significant negative correlation between intangible assets and corporate short-term debt ratio.Among them,there is a significant negative correlation between goodwill and corporate short-term debt ratio,and the relationship between corporate development expenditure ratio and corporate short-term debt ratio is not clear.Third,there is a significant positive correlation between intangible assets and corporate long-term debt ratio.Among them,there is a significant positive correlation between goodwill and corporate long-term debt ratio;and there is a significant negative correlation between development expenditure and corporate long-term debt ratio.At the same time,this paper also studies the relationship of the company's net cash flow,return on assets,and other variables with the leverage ratio of the company,and has also obtained results consistent with other literature.According to the above empirical results,in view of the characteristics of the leverage ratio of listed companies in China,this paper proposes corresponding policy recommendations from three aspects:intangible assets,enterprise leverage ratio,and the economic environment of the company.No matter whether it is the regulatory agency or the enterprise itself,it should pay attention to the invisible As for the accounting and disclosure of assets,the leverage ratio of a company is also closely related to the company's business activities and risk control.It should raise the degree of attention to the enterprise's leverage ratio,optimize the investment structure of the company,further improve the operating mechanism of the company,and reduce the number of enterprises.Operational risks also improve the market environment in which the company is located.