The Impact Of Credit Cycle On The Asset-liability Ratio Of Listed Companies

Since the Great Depression of the 1930s,the world economy has experienced many crises,including the dramatic fluctuations in the credit cycle.The credit cycle refers to the phenomenon of cyclical expansion and contraction of credit within the economy,and has the characteristics of self-reinforcement.As the main financing method of Chinese enterprises is still debt financing based on credit loans,fluctuations in the credit cycle are of great significance for Chinese companies to supplement operating funds and carry out investment.At this stage,the trend of economic globalization is intensifying,and the impact of fluctuations in credit markets on the real economy is becoming increasingly significant,which has received great attention from government departments and regulatory agencies.Credit policy has therefore become the focus of economic policy and has an important impact on China's national economy and people's livelihood.Theoretical analysis and empirical research on the impact of credit cycle fluctuations on the asset-liability ratio of listed companies in China has extremely important practical significance.This article selects all A-share listed companies from 2005 to 2018 as the research object,and studies the impact of the credit cycle in this interval on the asset-liability ratio of listed companies.After rigorous and comprehensive theoretical analysis and the hypothesis,14-year panel data was used for multivariate statistical regression analysis.The research results show that the credit cycle has a significant impact on the asset-liability ratio of listed companies in China.In order to further study the specific ways in which the credit cycle affects the asset-liability ratio of listed companies and individual differences,this article derives three other models based on the original measurement model.After regression analysis,it is found that the asset size and market valuation have a significant positive correlation effect on the listed company's asset-liability ratio,and the company's profitability has a significant negative correlation with the asset-liability ratio;at the same time,the cross-terms in the measurement model indicate that the asset size Companies with high market valuations can reduce the impact of credit cycle fluctuations on asset-liability ratios.Finally,this article summarizes the conclusions of this article based on the results of the model research,as a reference for company managers and policy makers.At the policy level,we should actively improve financing channels for SMEs and reduce the risk of uncertainty in their operation.Company operators should improve their own level of business management,enhance the company's profitability and cash repayment ability,enhance their competitive position in the industry,improve their market valuation level,and expand their financing channels.Institutional level should actively improve equity financing channels and reduce dependence on debt financing.