Research On The Influence Of Monetary Policy On The Deleveraging Of Over-indebted Enterprises

After the financial crisis in 2008,the macro leverage ratio of bank credit and non-financial enterprises continued to rise.The rise of leverage ratio will increase the financing cost and default risk of enterprises,and increase the possibility of systemic financial risk."Deleveraging" has become the focus of economic field.On the one hand,the leverage ratio of the non-financial enterprise sector has increased by more than 30%,on the other hand,the loose fiscal and monetary policy makes it easy to link the two.It is believed that the loose monetary policy after the financial crisis has promoted the micro enterprises to increase leverage(the debt ratio has increased),and thus the leverage ratio of the whole non-financial enterprise sector has been increased.Therefore,the study of the impact mechanism of monetary policy on the internal and external dynamics and constraints of excessive corporate deleveraging has important policy implications and practical value for steadily promoting the "structural deleveraging" of Chinese enterprises.In essence,the adjustment of enterprise leverage is the dynamic adjustment of capital structure.Under the theoretical framework of the dynamic adjustment model of capital structure,this paper establishes a logical framework to explain that monetary policy affects the deleveraging of over-indebted enterprises by influencing capital supply and financing demand of enterprises.The paper also uses partial adjustment model to describe the dynamic adjustment process of capital structure,and empirically tests the data of Chinese listed companies from 2009 to 2017 after the financial crisis.It is found that,firstly,the increase of money supply will restrain the deleveraging of over-indebted enterprises,and promote the upward adjustment of capital structure of non-over indebted enterprises;secondly,monetary policy has indirect effect on the dynamic adjustment of over-indebted enterprises through financial characteristics,that is,the influence of monetary policy on the de-leveraging of over-indebted enterprises is related to the factors of enterprise characteristics.Specifically,for over-indebted enterprises,loose monetary policy can promote large enterprises to actively reduce leverage,but restrain the downward adjustment speed of state-owned enterprises.Loose monetary policy can alleviate the external financing gap of enterprises with financial deficit to a certain extent,so as to promote such over-indebted enterprises to actively reduce leverage.Third,the state-owned enterprises with excessive debt reduce leverage slower than the private enterprises adjust speed,which is related to the inefficient allocation of credit in China.