The Influence Of The Ratio On Stock Returns Of A-share Enterprises

Corporate leverage is a classic content of financing theory,which has both positive and negative effects on corporate growth,and its effect on corporate stock return has been concerned by the economic circle.In a certain range,the leverage ratio will increase corporate value through tax shield effect,which is reflected in the stock market,so the yield will rise.When the leverage ratio exceeds a certain level,the financial cost and financial pressure will have a negative effect on corporate value,and the yield will decline when reflected in the stock market.At present,China's listed companies generally high leverage,especially state-owned enterprises,mentioned in 2015,the central finance leading group(supply side reform and emphasizes the "deleveraging" task,this article attempts throu gh the theory,the present situation and empirical method to leverage and study the relationship between the stock returns,and try to find the best leverage levels suitable for enterprise development.Based on the 2008-2017 a-share market 10 full fiscal year 1028 listed companies as research samples,to return to be explained variables,the leverage ratio,long-term leverage,short-term leverage,the nature of the enterprise,and cross terms of all kinds of leverage as the explained variable,firm size,ownership concentration and income growth rate as control variable,by threshold effect inspection and threshold regression analysis that leverage,long-term leverage,A two-door limit in the short-term leverage.The leverage ratio has a positive influence o n the stock return rate,and the positive influence gradually reduces within the three interval segments with 29.325% and 78.948% as the threshold values.The long-term leverage ratio only has positive effect on the stock return rate in the range larger th an 10.906% and smaller than 12.684%.When the short-term leverage ratio was less than 48.767%,it had no significant impact on the stock return rate,but when it was greater than that,it showed a negative effect,and the negative effect was greater when i t was greater than 67.785%.The influence of leverage on enterprise stock return rate varies at different time stages.Leverage has a positive effect on stock return rate between 2008 and 2012,and the influence mechanism turns negative between 2012 and 20 15,while the influence mechanism turns positive between 2015 and 2017,but the positive effect is smaller than that between 2008 and 2012.The influence of leverage on the stock return of enterprises is also different in enterprises of different natures.The leverage of state-owned enterprises has greater positive effect on the stock return than that of other enterprises,while the influence of long-term and short-term leverage of different natures on the stock return has no significant difference.In addi tion,the impact of leverage on corporate stock returns varies across industries.Finally,in the context of "deleveraging",relevant Suggestions are proposed for different industries and enterprise nature of leverage ratio.