Analysis Of The Factors Affecting The Leverage Of State-owned Enterprises

Since the implementation of the supply-side structural reform,the issue of high leverage in state-owned enterprises has been highly concerned by the central government and academic circles.Some theoretical studies believe that the soft budget constraint is the root cause of the high leverage of state-owned enterprises.Hardening the budget constraint of state-owned enterprises is an important way to remove the high leverage of state-owned enterprises.However,most of the existing researches study the problem from the perspective of soft budget constraints,and use it as a premise factor to qualitatively analyze the problem of high leverage of state-owned enterprises.Few documents continue to analyze the causes of soft budget constraints and quantitatively analyze how these deeper factors impact the leverage of state-owned enterprises.As a result,further research on deeper factors is of great academic value.By combing relevant literature and theory,this paper analyzes how the ownership structure(including the diversity of property rights and the degree of property rights)within the state-owned enterprises and the external environment(including the level of marketization and the nature of the industry)affect the state-owned enterprises,based on the perspective of policy burden,and how the policy burden affects the leverage of state-owned enterprises.On the basis of the theoretical analysis,this paper takes the A-share listed state-owned enterprises in 2010-2017 as a sample,and build models for the following three relationships:ownership structure and policy burden relationship;external environment and policy burden relationship;policy burden and the leverage of state-owned enterprises relationship.The paper draws the following conclusions:(1)the diversity of property rights is significantly negatively correlated with the policy burden,which is helpful to reduce the policy burden of state-owned enterprises;(2)the shareholding ratio of state shares will aggravate the policy burden,and the proportion of state-owned legal person shares and general person shares will have a restraining effect on the policy burden;(3)the level of marketization plays a substitute for the diversity of property rights.As for the state-owned enterprises within high marketization level areas,the negative correlation between property rights diversity and policy burden will be weakened,and even positive correlation will be presented;(4)the nature of the industry effectively promotes the suppression of the policy burden by the diversity rights.In terms of the degree of property rights,the monopoly industry has significantly strengthened the positive effect of state shares and policy burdens,and the negative restraint effect of state-owned legal person shares and general person shares has also been strengthened.After the introduction of multiple property rights,the policy burden of monopolistic state-owned enterprises will be reduced much more than that of non-monopoly state-owned enterprises;(5)the policy burden is significantly positively related to the leverage of state-owned enterprises.The heavier the policy burden the higher leverage of state-owned enterprises is.The policy burden is a deeper reason for the high leverage of state-owned enterprises.