Research On The Influence Of Macroprudential Policy On Corporate Leverage Ratio

The outbreak of the subprime crisis has made the phenomenon of financial instability caused by high leverage highly valued by various governments and academic circles around the world.Since the subprime crisis,Since the subprime crisis,new changes have taken place in the structure,channels and duration of leverage levels in various sectors in China.Therefore,macro-prudential policies aimed at maintaining financial stability should become an important part of the current structural deleveraging policies.Based on this,this paper discusses whether macro-prudential policies can effectively alleviate the increase of leverage ratio of non-financial enterprises,how much remission is there,through which way to alleviate and other problems,and according to the relevant conclusions drawn,it provides policy suggestions for China to regulate the leverage of non-financial sector in a reasonable and steady way under the premise of ensuring stable economic development.Based on the micro data of listed companies in China’s Shanghai and Shenzhen stock exchanges from 2007 to 2019,this paper examines the degree and channel of the impact of macro-prudential policies on corporate leverage.Specifically,it includes:First,determine the direction and extent of macro-prudential policies on corporate leverage;Second,test whether there are differences in the influence of macroprudential policies on leverage ratios of enterprises with different sizes and ownership nature,in different over-indebted states and in different industries;Third,construct proxy indicators of financial structure in each region,and examine whether the influence of macro-prudential policies on corporate leverage is affected by regional differences in financial structure;Fourth,examine the channels through which macro-prudential policies influence corporate leverage.According to the empirical analysis results,this paper draws the following conclusions:First,macro-prudential policies have a significant negative impact on corporate leverage,and there is a difference but not significant in the impact of short-term leverage and long-term leverage;Second,macro-prudential policies have different effects on enterprises of different sizes and the nature of ownership,non-state holding and smaller companies are more affected by macroprudential policies.This is because of the government-enterprise relationship and soft budget constraints in state-owned enterprises and large-scale enterprises.As a result,non-state holding and small enterprises are under more pressure from macro-prudential policy tightening;The negative impact of macroprudential policies on the leverage ratio of enterprises in the state of excessive debt is weak,indicating that the inhibition effect of macroprudential policies on the leverage ratio of enterprises is limited;In addition,macroprudential policies have a significant negative impact on manufacturing,retail and real estate construction industries;Third,macroprudential policies have less impact on corporate leverage levels in regions with more developed capital markets.This is because the more developed the capital market,the more obvious the credit substitution effect;Fourth,in terms of channels,macroprudential policies can affect corporate leverage by affecting bank credit and asset prices,and both of them play a greater role in non-state-owned holding and small-scale enterprises.Based on the above conclusions,this paper argues that macro-prudential policies should be given full play to promote coordination between macro-prudential policies and policies,optimize the structural governance mechanism and cross-sector supervision of macro-prudential policies,and increase the effectiveness and pertinence of macro-prudential policies when corporate leverage continues to rise.