我国非金融企业杠杆率提高会导致系统性金融风险吗？

doi:10.16620/j.cnki.jrjy.2024.02.006

LZUFE-KMS > 金融学院

	我国非金融企业杠杆率提高会导致系统性金融风险吗？
其他题名	Will the Increase in Leverage Ratio of Non-financial Enterprises in China Lead to Systemic Financial Risks?
	王霞1 ; 康振飞2
	2024-03-26
发表期刊	金融理论探索
期号	02 页码:52-62
摘要	我国非金融企业杠杆率问题及杠杆政策受到极大的关注。本文将2005—2021年沪深A股上市企业与中国各省级行政单位系统性金融风险指标相匹配，实证检验非金融企业杠杆率提高是否会导致系统性金融风险。研究发现，非金融企业杠杆率与系统性金融风险之间存在U型关系，拐点为70.24%；东、西部地区非金融企业杠杆率与系统性金融风险为U型关系，拐点分别为66.62%和71.09%，而中部地区两者呈线性负相关；地方国有企业杠杆率与系统性金融风险为U型关系，最优阈值为82.32%，中央企业和民营企业杠杆率对系统性金融风险的影响不显著；非ST企业杠杆率与系统性金融风险为U型关系，最优阈值为70.75%,ST企业杠杆率与系统性金融风险呈线性正相关。基于以上结论，提出优化企业资产和融资结构、因地制宜采取不同的杠杆政策等对策建议。
其他摘要	The leverage ratio and leverage policies of non-financial enterprises in China have received great attention.The paper matches the systemic financial risk indicators of Shanghai and Shenzhen A-share listed enterprises and provincial administrative units in China from 2005 to 2021,and empirically tests the in-fluence of leverage ratio of non-financial enterprises on systemic financial risk.The results show that there is a U-shaped nonlinear relationship between the leverage ratio of non-financial enterprises and systemic finan-cial risk,and the optimal threshold is 70.24％.There is a U-shaped relationship between the leverage ratio of non-financial enterprises and systemic financial risk in the eastern and western regions,but the optimal threshold values are different from the baseline regression results,which are 66.62％and 71.09％,respective-ly,while in the central region,there is a linear negative correlation between them.The leverage ratio of local state-owned enterprises has a nonlinear relationship with systemic financial risks,and the optimal threshold is 82.32％,while the leverage ratio of central and private enterprises has no significant impact on systemic fi-nancial risk.There is a U-shaped relationship between the leverage ratio of non-ST enterprises and systemic financial risk,and the optimal threshold is 70.75％,while there is a linear positive correlation between the leverage ratio of ST enterprises and systemic financial risk.Based on the above conclusions,the paper pro-poses strategies and suggestions for optimizing enterprise assets and financing structure,and adopting different leverage policies according to local conditions.
关键词	非金融企业杠杆率系统性金融风险融资结构
DOI	10.16620/j.cnki.jrjy.2024.02.006
URL	查看原文
收录类别	AMI
ISSN	2096-2517
语种	中文
原始文献类型	学术期刊
中图分类号	F832
CN号	13-1418/F
文献类型	期刊论文
条目标识符	http://ir.lzufe.edu.cn/handle/39EH0E1M/36055
专题	金融学院
作者单位	1.兰州财经大学金融学院; 2.北京银行石家庄分行
第一作者单位	金融学院
推荐引用方式 GB/T 7714	王霞,康振飞. 我国非金融企业杠杆率提高会导致系统性金融风险吗？[J]. 金融理论探索,2024(02):52-62.
APA	王霞,&康振飞.(2024).我国非金融企业杠杆率提高会导致系统性金融风险吗？.金融理论探索(02),52-62.
MLA	王霞,et al."我国非金融企业杠杆率提高会导致系统性金融风险吗？".金融理论探索 .02(2024):52-62.