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
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 et al. 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. Economic Survey, 2020, 37(1): 0150.
2020, Vol. 37 
