Research on the Impact of Deleveraging Policy on Corporate Performance:Empirical Evidence from a Quasi-Natural Experiment
The 2022 government work report emphasizes the need to adhere to supply-side structural reform as the main line and promote high-quality economic development.Based on the policy background of "three deleveraging,one reduction and one compensation" within the supply-side structural reform,this paper uses the implementation of the deleveraging policy in 2016 as a quasi-natural experiment,selects the sample data of A-share non-financial listed companies in Shanghai and Shenzhen Stock Exchanges from 2011 to 2021.The study employs the difference-in-differences method to examine the impact of deleveraging policies on corporate performance.The research results show that the implementation of deleveraging policies significantly promotes the improvement of corporate performance,particularly in state-owned and excessively indebted enter-prises.Heterogeneity analysis reveals that the impact of deleveraging policy on corporate performance does not exist in the heterogeneity of firm size or listing location,but in terms of firm age,the performance improvement of new firms is more significant.Therefore,enterprises should comprehensively consider factors such as the nature of property rights,the degree of debt,and the years of establishment,grasp the pace and focus of deleveraging,and ensure financial stability and sustainable development
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