A Study On The Influencing Factors Of Non-Financial Enterprise Leverage

Under the background that high leverage ratio at home and abroad can easily lead to systemic financial risks,it is necessary to find the influencing factors of the leverage ratio in order to reduce the high leverage ratio.This article first reviews the literature on the factors that affect leverage.Second,it systematically sorts out classic related theories such as MM theorem,financial accelerator theory,agency cost theory,pecking order theory,and trade-off theory that affect corporate leverage,and construct a general analysis framework of the influencing factors,which analyzes the influencing factors of the leverage ratio of non-financial enterprises.These factors can be roughly divided into two categories:enterprise-level factors,namely micro-factors and macrofactors;Third,the current situation of non-financial enterprises leverage ratio is analyzed by combining the previous theories,and then the influencing factors of non-financial enterprise leverage ratio are put into a fixed-effect panel model for empirical test.The empirical results show that enterprise-level profitability,tangible assets ratio,corporate size,corporate growth,liquidity ratio,cash and cash equivalent turnover ratio,Tobin Q and corporate leverage have a significant correlation,R&D and debt interest expense ratios will affect corporate leverage,but the correlation is not significant;at the macroeconomic level,the GDP growth and M2 growth have a significant positive correlation with the leverage ratio of the entire sample of enterprises.Inflation will affect corporate leverage ratio,but the correlationis not significant.Further,after grouping the nature of corporate ownership,M2 growth has different effects on the leverage ratio of state-owned and non-state-owned enterprises.M2 growth has a negative relationship with the leverage of state-owned enterprises and a significant positive relationship with the leverage of non-state-owned enterprises;in the analysis of macro and micro level,the relationship between most of the influencing factors and leverage ratio has not changed,while the correlation between R & D and corporate leverage has changed.Finally,based on the above research,the government should maintain economic growth and monetary policy stability to create a good economic environment for enterprise development;at the same time,improve China's financial structure,optimize financing structure and enrich financing tools,promote the development of multi-level capital markets and direct financing;enterprises should strengthen their own operation and management,reasonably control the factors that affect the assets and liabilities of the enterprise,and control the debt ratios at a level that is conducive to the long-term development of the enterprises;the deleveraging of non-financial enterprises in China should focus on the state-owned enterprises and improve the state-owned enterprises profitability and liquidity ratio.