去杠杆政策对企业债务风险的影响——基于DID方法

The Influence of Deleveraging Policy on Corporate Debt Risk——Based on the DID models

本文基于防范化解金融风险和去杠杆政策背景,以我国2012-2019年沪深两市A股上市公司数据为研究样本,采用DID方法实证检验了去杠杆政策对企业债务风险的影响。研究发现:去杠杆政策显著降低了企业的总体债务风险。此外,基于企业债务的异质性特点,实证还发现相对于企业的经营债务风险,去杠杆政策对企业的金融债务风险有着更为显著的抑制作用。因此,基于债务风险总量和债务风险结构,要实施精准的去杠杆政策措施。

Based on the background of preventing and resolving financial risk and deleveraging policy, this study empirically tests the effect of deleveraging policy on corporate debt risk with DID method and data of A-share listed companies in Shanghai and Shenzhen stock markets from 2012 to 2019. The results show that deleveraging significantly reduces the overall debt risk of enterprises. In addition, based on the heterogeneity of corporate debt, the deleveraging policy has a more significant inhibitory effect on corporate financial debt risk than operating debt risk. Therefore, based on the total amount and the structure of debt risk, precise deleveraging policy measures should be implemented.