The Research On The Influence Of "Four Trillion" Economic Stimulus Plan On The Asset-liability Ratio Of Listed Companies

The corporate asset-liability ratio is a direct reflection of financial indicators and a quantitative result of micro-level corporate behavior.However,it is inextricably linked with macroeconomic policies.The implementation of the “four trillion” economic stimulus plan in 2008 has enabled the Chinese economy to achieve recovery growth first and foremost in the world,and has provided strong support and policy reference for other countries in the world to get out of the financial crisis.However,judging from the current economic status quo,as China's economy has entered a new normal,economic downward pressure has continued to increase,and there have been problems such as overcapacity and high leverage.In order to explore the impact of the “four trillion” economic stimulus plan on the asset-liability ratio of market players from a microscopic perspective,this paper introduces macroeconomic policies into the corporate capital structure decision model,theoretically analyzes the “four trillion” economic stimulus plan's impact on corporate asset-liability ratios,and then uses the DID method to empirically analyze “four trillion” economic stimulus plans for companies,and provides theoretical and empirical evidence for optimizing macroeconomic policies and corporate capital liabilities structure.This article aims to study the impact of the “Four trillion” economic stimulus plan on the asset-liability ratio of listed companies.Firstly,based on the endogenous structural models of corporate,fiscal policy variables are introduced to examine the impact of fiscal policy changes in the long-term and short-term on corporate capital structure under different financial conditions.Theoretical analysis finds that when the discounted value of retained earnings of enterprises is greater than the value of bankruptcy costs of enterprises,the expansionary fiscal policy will increase the asset-liability ratio of enterprises in the short-term,and will gradually weaken with the effect of expansionary fiscal policies in the long term.The asset-liability ratio will decline;when the discounted value of retained earnings of enterprises is less than the value of corporate bankruptcy costs,the expansionary fiscal policy will reduce the asset-liability ratio of enterprises in the short-term,and the expansionary fiscal policy will increase the assets of enterprises in the long-termdebt ratio.Secondly,we selected 2006 listed companies from 31 provinces,autonomous regions,and municipalities(excluding Hong Kong,Macau,and Taiwan)from 2006 to 2015 as research samples,and divided the research samples of 2,443 listed companies into 29 industries from profitability and assets.The research model of listed companies was designed in terms of structure,ownership structure,company characteristics,and macroeconomic status.The dual difference method was used to conduct empirical analysis on the whole sample,industry sample,and sub-industry sample.The research results show that the “Four trillion” economic stimulus plan has significant regional differences in the effect of listed company's asset-liability ratio,and the changes in asset-liability ratios in different industries have different performance in different periods,and the industrial assets and liabilities in the eastern and central regions The impact of the rate is more pronounced than in the western region,and it has different effects on the asset-liability ratio of different industries in different periods.The positive impact on the asset-liability ratio of most listed companies in the industry is in the short-term and gradually weakens in the long-term.Finally,based on the supply-side structural reforms in the context of China's new normal economy,policy recommendations for optimizing the asset-liability structure of Chinese listed companies have been proposed from both the corporate and government perspectives.