"Deleveraging" And Corporate Risk-taking

In November 2015,Supply Side Structural Reform was proposed for the first time as a guiding measure to adjust the economic structure,which also means that China has long taken demand-side reform as the main development mode.As one of the core tasks of supply-side structural reform,"Deleveraging" has a special significance.Under the background of long-term accumulation of high leverage,the concept of "Structural Deleveraging" is put forward,that is,the effective reduction of leverage by sectors and industries.However,how is the implementation effect of "deleveraging" policy? Does high leverage improve the level of risk management while "Deleveraging",thus promoting enterprise risk-taking? Based on China's A-share listed firms during 2013—2018,using Supply Side Structural Reform background,with the help of the Supply Side Structural Reform background and the application of quasi-natural experimental research methods,the influence of "Deleveraging" policy implementation on highly leveraged enterprises under the background of Supply Side Structural Reform is studied.The results show that the supply-side structural reform ensures the effectiveness of "Deleveraging" on the premise of promoting the dynamic adjustment of enterprise capital structure."Deleveraging" also reduces the financing cost and financial cost of enterprises through the intermediary function of "Cost Reduction",and promotes enterprise risk taking.Further research shows that for enterprises with innovative culture,digital ability and strong transformation capability,"Deleveraging" plays a more obvious role in promoting enterprise risk-taking.In order to ensure the effectiveness of policies and results,the study also passed the parallel trend test,placebo test and other robustness tests to verify the effectiveness of the study results.The research conclusion provides relevant basis for the economic effect of Supply Side Structural Reform and theoretical guidance for the effective implementation of Supply Side Structural Reform.At the same time,it has practical guiding significance for enterprises to adapt to supply-side structural reform and promote enterprise development and transformation.