Analysis Of The High Leverage Of Chinese Listed Companies And Its Causes

After the financial crisis in 2008,the state invested 4 trillion to stimulate economic development,and it also brought about high leverage in various sectors in China.At the end of 2015,the central government held an economic work conference,which listed de-leverage as one of the important tasks of supply-side reform.Based on this background,this paper studies the leverage ratio,and takes the Shanghai and Shenzhen A-share listed companies as the research object,focusing on the influencing factors of high leverage and proposing countermeasures accordingly.In this paper,the “asset ratio=total debt/total capital” of the enterprise is taken as the explanatory variable,and the selected influencing factors are divided into three categories: enterprise characteristic factor,macro factor and development strategy factor.For the first time,this paper introduces the development of strategic factors into the study of the factors affecting the leverage ratio,and defines the scale of the enterprise by defining the investment growth rate,thereby judging the impact of the development strategy of the enterprise on the leverage ratio.In the descriptive statistical analysis part,this paper analyzes and analyzes the structural characteristics of listed companies in China according to the ownership,industry and geographical perspectives.After the empirical analysis,the non-financial enterprise data from 2008 to 2017 was extracted,and the enterprises with missing sample data and ST,*ST,and PT cases were excluded.A total of 1772 companies were used,and the Stata panel data model was applied,according to the full sample and The above three angles are used for regression analysis to compare the factors affecting the leverage ratio of listed companies under different characteristics,and draw conclusions and propose policy recommendations for the optimization of leverage ratio of listed companies in China.According to descriptive statistical analysis,it can be seen that the leverage ratio of listed companies in China has structural characteristics.The leverage ratio of stateowned enterprises is higher than that of non-state-owned enterprises,and it is relatively stable.The leverage ratio of non-state-owned enterprises is greatly affected by external factors,and the fluctuations are obvious.From the perspective of industry,the leverage ratio of the real estate industry has been high,and the industrial leverage ratio is relatively high in the early years.The fluctuations are huge,the information technology and the healthcare industry have extremely high leverage in the early years,and then quickly fall to the current low leverage ratio;the regional region is the highest in the Northeast,the central region is the most developed,and the leverage ratio is the lowest in the four regions but the volatility maximum.The empirical results show that the change in the scale of investment in enterprises is negatively correlated with the leverage ratio.Explain that when companies use more funds for investment and expand reproduction,the leverage ratio of enterprises will decline.The expansionary development strategy has also reduced corporate leverage while expanding the scale of the company.The overall leverage ratio of listed companies in China is positively correlated with firm size,growth and cash flow,and negatively correlated with profitability,solvency,national deleveraging policy and investment scale,and has no significant relationship with operational capacity.From the perspective of ownership,the leverage ratio of state-owned enterprises is negatively correlated with profitability.The leverage ratio of non-state-owned enterprises is positively correlated with profitability.The positive impact of non-state-owned enterprises on asset-receiving capacity is much greater than that of state-owned enterprises.The main innovation of this paper is to introduce the development strategy factors into the research on the influence factors of leverage ratio for the first time,and the predecessors propose a deleveraging strategy from the perspective of the impact of leverage ratio.This paper selects the listed companies in China and examines them from the perspective of genesis.Enterprise leverage ratio,based on this,proposes countermeasures for structured de-leverage.