| Since 2009,China’s macro leverage level has continued to climb,and the leverage ratio of the non-financial corporate sector is much higher than the leverage ratio of the government sector and the residential sector,and the structural leverage problem in China is very prominent.Nowadays,China is in the stage of high-quality development,and manufacturing industry has an important economic mission,but manufacturing enterprises are still facing large financing constraints,and the phenomenon of high leverage has not been completely eliminated,which is not conducive to the long-term steady development of manufacturing industry.And financial technology can influence the financing efficiency of enterprises and optimize their financing system by reducing financial market friction and promoting the marketization of deposit interest rates,and by technically innovating financial products such as blockchain,big data,cloud computing and artificial intelligence to reduce information asymmetry,enrich financing channels,reduce financing costs and improve enterprise risk management and control,which not only effectively alleviates enterprise financing constraints,but also improves the ability of business management and has an impact on the leverage level of enterprises.In China,Guangdong Province has a good momentum of fintech development,and is outstanding in terms of the number of enterprises and scale efficiency in the manufacturing industry,which is a large manufacturing province in China.However,Guangdong Province also has a structural leverage problem,and its manufacturing indebtedness level accounts for more than 30% of the indebtedness level of non-financial enterprises in the province,and the manufacturing leverage level has not decreased significantly after 2018.Therefore,this thesis selects Guangdong province as the research object,and takes financial technology as the entry point to study and analyze the impact of financial technology on the leverage of manufacturing enterprises,which has important theoretical and practical significance.This thesis firstly compares the relevant theories and clarifies the mechanism of the role of fintech on enterprise leverage.Secondly,we analyze the current situation of financial technology development and manufacturing industry development in Guangdong Province,and find that the province has a good momentum of financial technology development and manufacturing enterprises are leading in the country,but there are obvious industry differences in the leverage level in Guangdong Province,among which the leverage level of manufacturing industry accounts for a larger proportion and the leverage level has not shown an obvious decreasing trend in recent years.Finally,the research hypothesis that fintech inhibits leverage of manufacturing enterprises and fintech affects leverage of manufacturing enterprises through financing constraint mechanism and business risk mechanism respectively is proposed,and empirical tests are conducted to determine the relationship and influence path of fintech on leverage of manufacturing enterprises and relevant suggestions are put forward.Through the research and analysis of Guangdong Province,the following conclusions are drawn:(1)Fintech can restrain the increase of the leverage ratio of manufacturing enterprises;(2)Fintech can restrain the increase of the leverage level of manufacturing enterprises by easing the financing constraints of manufacturing enterprises;(3)Fintech can restrain the leverage ratio of manufacturing enterprises by reducing their operating risks;(4)In the Guangzhou-Shenzhen area,financial technology has a stronger inhibitory effect on the leverage ratio of large-scale manufacturing enterprises with weak innovation capabilities;(5)Fintech has a stronger inhibiting effect on the long-term leverage of manufacturing enterprises,and the breadth of coverage,depth of use and digitalization of fintech can drive down the leverage level of manufacturing enterprises.The main contribution of this thesis is to enrich the impact path of financial technology on the leverage ratio of manufacturing enterprises,expand the relevant research on the impact of financial technology on the deleveraging of manufacturing enterprises,and broaden the solution to the problems of high financing constraints,financing difficulties,and de-leveraging of manufacturing enterprises. |
