| 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 |
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| 引用本文：陈银娥，罗雨璇.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[J].财经理论与实践,2022,(4):26-34 |
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| 中文摘要: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。 |
| 中文关键词:宏观审慎政策 企业杠杆率 信贷替代效应 |
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| Did Macroprudential Policies Promote Corporate Deleveraging?--Based on the Empirical Analysis of Shanghai and Shenzhen A-share Listed Companies |
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| Abstract: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 regression 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. |
| keywords:macroprudential policy corporate leverage ratio credit substitution effect |
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