宏观审慎政策是否推动了企业去杠杆?——基于沪深A股上市公司的实证分析

Did Macroprudential Policies Promote Corporate Deleveraging?--Based on the Empirical Analysis of Shanghai and Shenzhen A-share Listed Companies

依据2007—2019年中国沪深两市A股非金融上市公司年度财务数据,运用多元线性回归模型,考察宏观审慎政策和企业杠杆率之间的作用关系。结果表明:适度从紧的宏观审慎政策有利于降低企业杠杆率,受企业特征和地区金融结构异质性影响,非国有控股、规模较小、非过度负债状态企业及金融结构化程度较高地区更为明显;进一步分析发现,宏观审慎政策通过银行信贷渠道和资产价格渠道影响企业杠杆率,其中非国有控股及小规模企业受影响更深。因此,应优化宏观审慎政策对企业杠杆率的调节方式,加强宏观审慎政策结构性监管与跨部门监管,提高宏观审慎政策的有效性和针对性。

Taking the annual financial data of A-share non-financial listed companies in Shanghai and Shenzhen stock markets from 2007 to 2019,this paper uses multiple linear regre ssion model to investigate the relationship between macro-prudential policies and corporate leverage ratio.The results show that:moderately tight macro-prudential policies will help reduce corporate leverage ratio,and it is affected by the heterogeneity of enterprise and regional financial structure;it is more obvious in non-state-owned holding,small scale,non-over-indebted enterprises and areas with high degree of financial structure.Further analysis revealed that,macro-prudential policies can affect corporate leverage through bank loans and asset prices,and non-state-owned holding and small-scale enterprises are more affected.Therefore,it is necessary to optimize the adjustment mode of macro-prudential policies on corporate leverage ratio,strengthen structural supervision and cross-sector supervision of macro-prudential policies,and improve the effectiveness and pertinence of macro-prudential policies.