Research On The Influence Of Household Leverage On Enterprise Leverage

As China's economic development gradually shifts to the high-quality core stage of medium-to-high-speed growth,the level of leverage in China's economic sector is also increasing in the new normal period,and the problems of debt gray rhinos and structural imbalances are gradually becoming more prominent.Among them,due to the large-scale fiscal and monetary stimulus plan implemented after the crisis in our country,some domestic industries with overcapacity have suffered capital losses,coupled with China's current indirect financing-led model,so China's non-financial enterprise sector leverage level remains high.At the same time,spurred by the real estate destocking policy in 2015,the rapid development of China's real estate market has led to a year-on-year increase in home purchase loans in the household sector,and there has been a continuous increase in residents' leverage in the household sector in China.In general,China is currently facing a slightly higher level of leverage and an excessively rapid growth rate,as well as more prominent structural problems.In order to maintain the bottom line of no systemic financial risks,government management departments need to dialectically consider the existence of the correlation between the leverage ratios of the two sectors,and attach great importance to how to reasonably regulate the leverage ratio of the residential sector and the corporate sector,with a view to maintaining the basic leverage ratio of the macro economy stable.This paper firstly combs the relevant literature on the leverage ratio of the household sector and the corporate sector in the past,and attempts to summarize and analyze the causes of the current level of leverage in the economy and the correlation between the leverage effects of the two sectors.At the same time,based on the relevant theoretical basis and combined with the theoretical analysis of this article,the econometric model is used to try to further explore whether there is a common trend between the leverage of the residential sector and the leverage ratio of the non-financial enterprise sector,whether there is a transmission mechanism of influence,and a specific channel mechanism What is it like? Firstly,the fixed effect model is used to analyze the correlation between the leverage ratio of the resident sector and the leverage ratio of the enterprise sector.Then,the “resident consumption”mechanism analysis model is introduced to further identify the household consumption effect of household debt and leverage affecting the leverage level of the corporate sector.Through the analysis of the relationship between the three,it is of positive reference significance to how to carry out reasonable regulation in a steady and orderly manner,to maintain the basic stability of the leverage ratio of the physical sector,to promote the transformation and optimization of the economic development mode and structure,and to transform the growth momentum.Finally,based on the empirical results,combined with China's current basic national conditions,it provides relevant policy implications on how to maintain the stability of the macro leverage ratio and promote economic transformation and upgrading.