Research On The Impact Of Resource Allocation Efficiency On The Leverage Ratio Of Enterprise Sector

Leverage is increasingly used in the financial sector,and after the outbreak of the crisis,people are increasingly aware of the serious consequences of systemic risks brought by leverage.But our country has already appeared the risk iron triangle phenomenon: the productivity drops,the leverage ratio rises,the policy space shrinks,this serious influence national economy's steady development.Among them,the leverage of the enterprise sector has increased most significantly,and the structural leverage imbalance between the national sectors has emerged,leading to the accumulation of risks.Therefore,the enterprise sector is in urgent need of reducing leverage.In order to study how to effectively reduce the leverage of the enterprise sector,the reasons for the formation of high leverage in the enterprise sector need to be sorted out first.According to the data analysis and combined with related literature research,this paper puts forward the following hypothesis: the economic impact of downward pressure,micro enterprises,especially state-owned enterprises(soes)presents significant leverage trend,while our country financial allocation of resources in a low level on the market,make the resources more to the low economic efficiency of state-owned enterprises,resulting in a decline in the corporate sector overall economic efficiency at the same time further push up the corporate sector leverage levels.Based on this,this paper studies from two aspects: empirical analysis and dynamic simulation.In the empirical analysis,using the data of 614 non-financial listed companies from 2007 to 2016,taking the standardized credit increment of enterprises as the proxy variable of resource allocation,the correlation between credit resource allocation and the leverage ratio of enterprises in China's market was studied through regression analysis.In dynamic stochastic general equilibrium model,by setting the negative impact technology to simulate the current economic environment,the heterogeneous enterprise from the cost of financing,chance to share capital and retained three angles to set parameters,and set up the credit optimization,comparing the situation analysis of credit allocation of resources for enterprises to leverage internal mechanism and credit to optimize the effect of leverage.The results show that credit resources are more allocated to state-owned enterprises,and the credit increment of enterprises is positively correlated with the leverage ratio,and the credit increment coefficient of state-owned enterprises is more significant.The research of DSGE model shows that under the impact of negative technology,the allocation of credit resources will have different effects on the corporate leverage ratio by influencing the investment and financing behavior of heterogeneous enterprises,thus affecting the leverage level and structure of the corporate sector.Optimizing the allocation of credit resources can effectively reduce the leverage ratio of the enterprise sector and optimize the leverage structure.Optimizing the proportion of credit resources of state-owned enterprises to 35%-40% can reduce the overall leverage ratio of the enterprise sector to a reasonable level.