Under the background of economic transformation of China, how to adjust the "leverage" and "growth" has become a hot topic of academic research. Existing studies have discussed the issues such as the leverage level, leveragestructure and impact of China 's financial stability. This article mainly analyzes the influencing factors and research methods of corporationdebt leverage, and introduces the chain reaction of corporation debt sustainability and financial stability. The formation of the structural characteristics of Chinese corporation debt leverage is complex,in the process of steady adjustment, a structural approach should also be used, especially in the context of financial deepening. Researches on the relationship between debt leverage and economic growth needs to pay more attention to the efficiency of corporate capital output and debt sustainability.
One of the problems of China's economic transformation is the high debt leverage,the call for deleveraging has become one of the hottest issues in recent years. The existing researches have discussed extensively the level and structure of China's debt leverage, as well as its impact on financial stability. This paper mainly reviews the impact of monetary policy and tools on the debt leverage, in order to research the debate of "Loosing deleverage" or "tightening deleverage". We think that the structural problems of debt leverage should be adjusted by structural monetary policy. Monetary policy regulation cannot be a decisive factor in reducing high debt leverage. Clarifying the influence mechanism and path of monetary policy regulation, we can prescribe the right medicine. In the process of steadily deleveraging, we should also pay attention to the sustainability of debt. Therefore, using monetary tools to steadily deleverage is not a loose or tight policy choice, but an orderly guidance of all macroeconomic sectors on the basis of maintaining a sound monetary policy.
Non-financial sector's leverage ratio of China has been rising rapidly after the 2008 financial crisis, and it is mainly manifested by the high debt leverage ratio of the non-financial corporations' sector, while this structural contradiction has not been apparent in developed countries and other emerging market countries. This paper takes the United States and Japan as research objects, comparatively analyzes the feature and countermeasures of debt leverage in the United States after the 2008 financial crisis and Japan's post-1990 financial crisis. Based on the actual situation of Chinese corporations' leverage, the reasonable transfer of leverage between macro-sectors (government sector, households sector and nonfinancial corporations sector), the gradual elimination of backward production capacity, and the improvement of the company's production and operation capabilities are of great significance to the high debt leverage of Chinese corporations.
Faced with the pressure of economic downturn and structural transformation, high debt leverage has become a prominent problem of China's economic development. This article takes 2007-2018 annual data of non-financial companies listed on A-shares as an example, analyzes the influencing factors of Chinese corporations' leverage, the empirical results find that macroeconomic environment have a significant impact on corporate debt leverage ratio, and sufficient liquidity is conducive to increasing the willingness of enterprises to expand reproduction and has a positive impact on corporate debt leverage. Financial market factors have a significant impact on corporate debt leverage ratios, the greater the financial institution's support for the real economy, the stronger the company's ability to obtain debt financing. The operation indicators of enterprises have a significant impact on the corporate debt leverage ratios, profitability and leverage ratios have a negative correlation, and this negative correlation is the most significant of all influencing factors.
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