A Research on Structural De-Leverage of Monetary Policy-Driven Enterprises under the Background of Supply-side Reform——Based on the Perspective of Interest Rate Marketization Reform
LI Huamin1, REN Ding2, WU Fei3, REN Xiaoyi3
1.Regional Financial Policy Research Center, Guangdong University of Finance, Guangzhou 510521, China; 2.South China Business College, Guangdong University of Foreign Studies, Guangzhou 510545, China; 3.Laboratory for Behavioral and Regional Finance, Guangdong University of Finance, Guangzhou 510521, China
Abstract：
The author uses the listed companies in the main board market as the analysis carrier to study the structural impact of monetary policy on corporate deleveraging. Studies have shown that interest rate liberalization helps drive “de-leveraging” of overall leverage, financial leverage and long-term leverage. Of course, interest rate liberalization has obvious heterogeneity in the structural de-leveraging effect of enterprises. From the macro-impact mechanism, interest rate liberalization can optimize the money supply and improve the development level of the banking sector. From the perspective of micro-impact mechanism, interest rate liberalization can improve the internal cash flow and improve the risk stability, thus effectively driving the enterprise’s de-leveraging behavior. Finally, the economic performance of various types of leverage of the enterprise was examined and obvious structural characteristics were found. The conclusions of this paper will help to optimize the monetary policy orientation and promote the effective structural de-leveraging process of enterprises.
LI Huamin, REN Ding, WU Fei, REN Xiaoyi.A Research on Structural De-Leverage of Monetary Policy-Driven Enterprises under the Background of Supply-side Reform——Based on the Perspective of Interest Rate Marketization Reform[J] Economic Survey, 2020,V37(1): 150-158
蔡艳萍,陈浩琦.2019.实体企业金融化对企业价值的影响[J].财经理论与实践(3):24-31. 陈创练,龙晓旋,姚树洁.2015.货币政策、汇率波动与通货膨胀的时变成因分析[J].世界经济(4):3-27. 董小君.2017.我国杠杆率水平、系统性风险与政策体系设计[J].理论探索(2):5-15. 樊奇.2018.供给侧改革背景下中国制造业全球价值链攀升研究[J].广西社会科学(5): 94-98. 蒋海,张小林,陈创练.2018.利率市场化进程中商业银行的资本缓冲行为[J].中国工业经济(11):61-78. 李扬,张晓晶,常欣,等.2012.中国主权资产负债表及其风险评估[J].经济研究 (6):4-19. 马理,范伟.2019.央行释放的流动性去了哪?——基于微观层面数据的实证检验[J].当代经济科学(3):1-10. 牛晓健,邹亚骏.2018.中国A股上市公司定向增发对其长期绩效影响的实证研究[J].广西财经学院学报(6):10-21. 王国刚.2017.“去杠杆”:范畴界定、操作重心和可选之策[J].经济学动态(7):16-25. 王桂虎,郭金龙.2018.中国非金融企业杠杆率的异质性估算、未来情景模拟及实证研究[J].经济经纬(6):158-164. 王舒军,彭建刚.2014.中国利率市场化进程测度及效果研究——基于银行信贷渠道的实证分析[J].金融经济学研究 (6):75-85. 王作功,杨茂巧,何赛.2018.银行业金融机构普惠金融评价指标体系研究[J].金融理论与实践(11):19-24. 温忠麟.张雷,侯杰泰,等.2004.中介效应检验程序及其应用[J].心理学报(5):614-620. 夏小文.2017.中国杠杆率的特征事实、成因及对策[J].经济学家(11):21-27. 杨云,仲伟周.2019.基于扩展普尔分析框架的中国货币政策中介目标选择[J].经济经纬(1):150-156. 易宪容.2015.经济新常态下央行货币政策应去杠杆[J].新金融(1):22-26. 于博.2017.技术创新推动企业去杠杆了吗?——影响机理与加速机制[J].财经研究(11):113-127. 周菲,赵亮,尹雷.2019.去杠杆的路径选择:财政去杠杆还是金融去杠杆?——基于企业部门的分析[J].财政研究(2):75-90. 周俊仰,汪勇,韩晓宇.2018.去杠杆、转杠杆与货币政策传导——基于新凯恩斯动态一般均衡的研究[J].国际金融研究(5):24-34. 周立,雷中豪.2019.中国“金融超发展”与经济增长动态阈值效应[J].金融经济学研究(1):3-17. ALTMAN E I.1968. Financial ratios, discriminant analysis and the prediction of corporate bankruptcy[J]. Journal of Finance, 23(1):589-609. MERTENS K.2008. Deposit rate ceilings and monetary transmission in the US[J]. Journal of Monetary Economics,55(7): 1290-1302. TONG T W, HE W, HE Z L.2014. Patent regime shift and firm innovation: Evidence from the second amendment to China’s patent law[J]. Academy of Management Proceedings, 25(1):14174-14174.
2020 
