Research On The Influence Of Central Bank Communication On Leverage Ratio Of A-share Listed Enterprises

At present,China’s corporate leverage ratio is high,much higher than the average level of other economies and developed countries,and the possible systemic risk caused by excessive leverage ratio is worrying.How to rationally reduce corporate leverage and maintain financial stability has become the focus of academic and practical circles.In this background,by analyzing the existing literature,the existing angle of deleveraging,this article has made the summary,found that the existing literature systematically from the perspective of integrated structural point of view,macro angle,angle of the enterprise itself and the external factors on the leverage are analyzed to discuss the cause of the problem,but as the central bank communication as a new monetary policy tool,it plays an increasingly important role in monetary policy transmission,but its potential impact on micro enterprises has been ignored.Therefore,this paper will focus on the relationship between central bank communication and leverage ratio of A-share listed companies,and try to explore effective ways to guide and reduce leverage ratio of listed companies from the perspective of central bank communication.Based on the panel data of all A-share listed companies from 2004 to 2019,this paper adopts the two-way panel fixed effects model for empirical analysis.In order to ensure the robustness of the conclusion,this paper conducted multiple robustness tests of peer imitation effects by replacing central bank communication measures,changing sample intervals,using industry-level clustering,using instrumental variables to estimate and control firm leverage levels,and further carried out multiple heterogeneous grouping regression.In addition,this paper tries to find the transmission mechanism and influencing factors of the central bank’s communication on micro corporate leverage ratio,and analyzes the mediating effect and moderating effect.Finally,the main conclusions of this paper are as follows :(1)there is a significant positive correlation between central bank communication and leverage ratio of a-share listed companies;(2)central bank communication has a stronger positive impact on short-term leverage of A-share listed companies;central bank communication has more positive influence on leverage ratio of large enterprises,state-owned enterprises,weak financing constraints and a-share listed enterprises in low marketization level;(3)bankers’ expectations and entrepreneurs’ expectations are the mediating variables of the central bank’s communication and transmission to the leverage ratio of A-share listed enterprises;(4)economic policy uncertainty and GDP growth have A moderating effect on the leverage ratio of a-share listed companies transmitted by the central bank.Finally,according to the empirical results,some enlightenments are obtained.