Structural Characteristics of Leverage and Differentiation Policy
- Based on non-financial enterprise perspective
Abstract: In order to fully grasp the leverage situation of non-financial enterprises and analyze the structural characteristics of the leverage, this paper builds a macro analysis framework and summarizes the structural characteristics and trends of the leverage ratio in our country. It also selects some listed companies as samples to test the relationships between leverage ratio and both business performance and future growth empirically. The results show that the relationship between corporate leverage and operating performance is not stable, and the business development is inseparable from the necessary leverage. The deleveraging should be based on specific analysis, such as the nature of ownership, industry characteristics and growth rules, to implement differentiation policy.
Keywords: Non-financial enterprises；Leverage structure；Multivariable linear regression