The Deleveraging Policy Dynamically Adjusts The Capital Structure Of Enterprises Impact Study

According to the 2022 government Work report,we will continue to focus on supply-side structural reform and pursue intensive development with economic quality and capital efficiency.Deleveraging policy,as a key measure to deepen the supply-side structural reform and promote the development of the economy from "high speed" to "high quality",is aimed at removing unreasonable debt,optimizing economic efficiency and reducing economic risks caused by high leverage of the economy and enterprises.However,in many studies,it is found that there are obvious structural differences in Chinese economy,which lead to a serious distortion in the allocation of resources.A large amount of capital flows to state-owned and large enterprises,and small and medium-sized enterprises still face the dilemma of "difficult and expensive financing".This requires that when real enterprises deleverage,they should not only consider the characteristics of the Chinese economy,but also combine the characteristics of enterprises,so as to clarify the factors that affect corporate liabilities,so as to accurately remove unreasonable liabilities.In addition,as the academic research on the effect of deleveraging policies on enterprise capital structure mostly focuses on the comparative study of A-share enterprises and state-owned enterprises and non-state-owned enterprises,there is little research on GEM market and small and medium-sized board market,which are important supplements to the main board market.In recent years,with the growth enterprise market and small and medium-sized board market continuous development and growth,has become a very important part of our economy.In addition,the focus of the supply-side structural reform of China also tends to shift from the reform of state-owned enterprises to small and medium-sized enterprises with good development prospects.Therefore,it is imperative to study the impact of deleveraging policy on the capital structure of main board,GEM and small and medium-sized board.Before this,we need to understand the influencing factors and structural characteristics of enterprise capital structure.On the basis of summarizing the capital structure theory and relevant literature,this paper uses the financial data of A-share listed enterprises from 2012 to 2021 to characterize the capital structure of Chinese enterprises according to different ownership,different stock markets,different industries and different regions.Then,taking the end of 2016 as the time node after the deleveraging policy had a substantial impact on real enterprises,it was divided into two groups of samples: "before deleveraging" and "after deleveraging".Panel data regression was used to compare and study the heterogeneity of capital structure of enterprises in main board,GEM and small and medium-sized board before and after the deleveraging policy.Finally,the differential model is used to study the structural effects of deleveraging policies and the nature of corporate ownership on the leverage ratio of A-share enterprises.The main conclusions of this paper are as follows: First,the characteristic description analysis results show that under different ownership,the asset-liability ratio of state-owned enterprises is significantly higher than that of non-state-owned enterprises;After the deleveraging policy,the asset-liability ratio of state-owned enterprises decreased relatively,rather than the state-owned enterprises after a temporary decline to rise.Under the stock market of different sectors,the asset-liability ratio of enterprises in main board market is significantly higher than that in other sectors.After the implementation of the policy,the asset-liability ratio of enterprises in the main board market decreased relatively while the asset-liability ratio of enterprises in the main board market increased relatively.In addition,there are industrial and regional differences in the capital structure of listed enterprises.Second,the capital structure of Chinese enterprises basically conforms to the logic of the tradeoff theory.The capital structure of enterprises is positively correlated with the characteristics of enterprise scale,asset structure and growth,while negatively correlated with profitability,tax rate and non-debt tax shield.Third,after the deleveraging policy was implemented,the speed of adjustment of enterprise capital structure was significantly reduced.However,compared with state-owned enterprises,the adjustment speed of the asset-liability ratio of private enterprises is more significantly reduced.Compared with the main board,it has significantly reduced the speed of adjustment of the capital structure of enterprises in GEM and Science and Technology innovation board.Through the systematic study on the capital structure of listed enterprises,the paper finds out that the capital structure of listed enterprises has its own unique characteristics and structure.Different ownership,stock market,industry,regional heterogeneity,so deleveraging is not universal.For some unreasonable debts and zombie enterprises,deleveraging and reform are needed to improve economic efficiency and reduce financial risks.And for some high growth opportunities,the lack of own capital not only should not deleveraging,but should support their leverage.