Government Debt Levels Affect Corporate Debt Levels

China's high leverage ratio has been widely concerned by all sectors of society,especially the high leverage of enterprises.The high leverage of state-owned enterprises is an important reason for the high leverage of Chinese enterprises.Private enterprises have the dilemma of financing difficulties,so it is necessary to explore the influencing factors behind high leverage.There are many factors affecting the leverage ratio of enterprises,that is,the level of corporate debt.Many scholars at home and abroad have studied it.At present,there are few studies on the impact of government debt level on corporate debt level.Therefore,this paper uses empirical methods to The problem is explored in order to enrich this type of research.Based on the analysis of the impact of government debt level at the prefecture-level level on corporate debt levels,this paper constructs panel data for 283 prefecture-level cities from 2006 to 2015,selecting fixed-effect models,differential generalized moment estimates,and systematic generalized moment estimates.The method was tested empirically.According to the results,it is found that the increase of government debt level will inhibit the increase of corporate debt level.In order to examine the impact of this impact on different economic regions of China,the sample of the study is divided into economic research classification methods.In the middle,east and west,the three regions are grouped and returned.It is found that the government debt level has a significant inhibitory effect on the corporate debt level in the eastern and central regions,while it has a positive impact on the western region.This is a preliminary theoretical analysis.The results are not the same.The literature is reviewed and the policy during the study period is analyzed.China's financial crisis in 2008 and the subsequent western support policies have played a major role in improving the debt ratio of western enterprises,improving the financing environment and reducing corporate financing constraints.The important reason for the leverage of the western enterprises is not falling..In order to investigate the influence of different levels of government on the level of government debt,the enterprises are classified according to state-owned enterprises and private enterprises,and it is found that the level of government debt has a greater inhibitory effect on the debt level of private enterprises,which also reflects the difficulty of financing private enterprises.The dilemma is consistent with the current situation.This paper is divided into five parts to discuss the research issues,which are introduction,literature review,characteristic facts,empirical test,conclusions and policy recommendations.The first part is the introduction,which is divided into research background,research significance,research ideas and methods,and possible marginal contributions and inadequacies.This part is mainly to combine the current social and economic environment,to bring out research objects and research questions,and to explain the importance of research questions.The second part is the literature review.This part is mainly to sort out the relevant literatures of current domestic and foreign government debts and corporate debts,and to clarify the current research status,and also provide a theoretical basis for the research.The third part is the characteristic facts and theoretical basis.This part mainly uses statistical charts to visually describe the current status of China's government debt level and corporate debt level,so as to initially predict the relationship between government debt level and corporate debt level,and will Combining the existing theoretical research with the characteristic facts,the research hypothesis of this paper is proposed,which lays a foundation for the next step of empirical research.The fourth part is the empirical test.This part empirically tests the impact of government debt level on the level of corporate debt at the prefecture-level level by establishing an econometric model,and carries out this problem from the perspective of regional heterogeneity and enterprise heterogeneity.Further analysis.The fifth part is the conclusion and policy suggestion.This part mainly discusses the results of the previous empirical test,and puts forward some policy suggestions based on theoretical analysis and status quo.