The Research On The Relationship Among Leverage Ratio,Liquidity Risk And Corporate Performance Of Listed Companies In Automobile Manufacturing Industry In China

The development of manufacturing is related to the lifeblood of national economy,and it is very important for the improvement of the comprehensive strength of the country.However,with the rapid development of macro economy in China,the development of manufacturing industry is faced with problems such as lack of core competitiveness,innovation and insufficient capacity,which is also very prominent in the automobile manufacturing industry.Meanwhile,with the changes of China’s automobile purchase tax policy,the implementation of six emission in advance,the difficulties in developing new markets,the progress of public transport technology,the gradual increase of public transport facilities and the limited travel of private cars,the domestic automobile production and marketing market has become smaller and the financial benefits of Listed Companies in automobile manufacturing industry are decreasing,Even in 2018,there was a negative growth in the industry.But these enterprises with financial performance decline generally have the phenomenon of high leverage,and the capital structure is seriously unbalanced,and they face great financial risks.In order to solve this problem and promote the healthy development of manufacturing enterprises,the government vigorously implements the policy of deleveraging.But at present,the work of deleveraging is still facing a series of problems.It is necessary for the government to consider how to study how the change of leverage rate affects the financial performance of enterprises and whether the implementation of deleveraging is not worth the loss.In addition,the first important task of financial management is to ensure the reasonable liquidity of assets.At present,China’s economic development is in the stage of transformation and upgrading from pursuing speed to quality.Therefore,Chinese enterprises must focus on improving the liquidity management ability of assets,preventing the liquidity risk of enterprises and improving the efficiency of capital use.Based on the above background,this paper selects listed companies in automobile manufacturing industry as the research object to study the relationship among leverage ratio,liquidity risk and enterprise performance.The paper selects 487 financial data of Listed Companies in automobile manufacturing industry in 2013-2019 as research samples,and selects the degree of ownership concentration,enterprise scale,profitability,growth and cash holding level as control variables,and respectively puts forward assumptions on the relationship among leverage level,liquidity risk and enterprise performance,The multi regression model of OLS is constructed by Stata15.1software,and the relationship among the two is tested and analyzed empirically,and the intermediary effect of liquidity risk in the process of leverage on enterprise performance is analyzed.The paper concludes that the improvement of leverage ratio of Listed Companies in automobile manufacturing industry has a significant inhibition on enterprise performance,liquidity risk has a significant role in promoting corporate performance,and leverage ratio can significantly inhibit liquidity risk,Liquidity risk has a certain intermediary effect in the process of leverage effect on enterprise performance.At the same time,it is found that the degree of ownership concentration,enterprise scale,profitability,growth,cash holding level and enterprise performance are significantly positive correlation.In the end,this paper puts forward some suggestions and prospects for the development of Listed Companies in automobile manufacturing industry in China,in order to adjust the leverage level,improve the capital structure,improve the efficiency of resource allocation,and help enterprises improve their management ability,improve their performance and help the development of national economy.