经济周期、金融周期动态演变下企业杠杆率探析 ——来自中国上市公司的经验证据

王  琳; 赵登攀; 冯  婧

经济周期、金融周期动态演变下企业杠杆率探析 ——来自中国上市公司的经验证据

引用本文：王琳，赵登攀，冯婧.经济周期、金融周期动态演变下企业杠杆率探析 ——来自中国上市公司的经验证据[J].财经理论与实践,2020,(6):10-17

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作者	单位
王琳，赵登攀，冯婧	（山西财经大学金融学院，山西太原 030006）

中文摘要:：将经济周期和金融周期的变化同时纳入杠杆率模型，分别建立中国上市公司的衰退模型和扩张模型，结合企业融资约束，研究经济周期、金融周期的周期异步性对企业杠杆率的直接效应和间接效应。研究发现：周期异步性对企业杠杆率的直接效应呈逆周期性特征，间接效应呈顺周期性；衰退期时，再融资企业杠杆率对周期性变动比融资受限企业更为敏感。研究对于监管当局综合经济周期、金融周期，制定、调整、完善企业债务融资政策，帮助企业深入理解债务融资环境，提升债务融资能力具有参考和借鉴意义。

中文关键词:金融周期经济周期融资约束杠杆率

Analysis of Enterprise Leverage Ratio Under the Dynamic Evolution of Business Cycle and Financial Cycle——Empirical Evidence from Chinese Listed Companies

Abstract:Considering the changes of business cycle and financial cycle into the leverage ratio model, the recession model and expansion model of China's listed companies are established respectively. Combining the financing constraints of enterprises, we analyzed the direct and indirect effects of cycle asynchronality on the leverage ratio of enterprises. The findings are as follows: the direct effect of cycle asynchronality on the leverage ratio of enterprises is counter-cyclical, while the indirect effect is pro-cyclical. Considering the financing constraints of enterprises, it is found that during the recession period, the leverage ratio of refinancing enterprises is more sensitive than enterprises with limited financing. It has reference significance for the regulatory authorities' to analyze the micro impact, combining business cycle and financial cycle. They can formulate, adjust and improve the corporate debt financing policies. Enterprises can improve the debt financing capacity.

keywords:financial cycle business cycle financing constraints leverage ratio

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