Deleveraging is an important measure to prevent and resolve debt risks.How to take advan-tage of firms'competitiveness and steadily reduce corporates'leverage in a market-oriented and legal manner is one of the important directions to systematically reducing structural leverage in the new environment.Based on the matching data of China's industrial enterprise database and Customs database from 2000 to 2013,the paper first accurately calculate the domestic value-added rate of exporting enterprises and then explores the potential relationship and mechanisms between the firms'domestic value added ratio and firm leverage ratio from the per-spective of global value chains.The study found that the increase in the domestic value-added rate of exporting firms has a significant negative impact on corporates'leverage.The heterogeneous analysis shows that the in-crease in the domestic value-added rate of export has a significant positive effect on the deleveraging for enter-prises with different ownership systems,trade methods,and different industries.The further mechanism test results show that the increasing profitability,the weakening effect of foreign capital and the increasing com-mercial credit are the main mechanisms which have driven the firms'debt ratio down.The research in this arti-cle provides a way for the government and enterprises to reduce and resolve financial risks from a market per-spective rather than a policy perspective.
关键词
企业出口国内附加值率/企业杠杆率/盈利能力/商业信用/去杠杆
Key words
firms'domestic value added ratio of export/firm leverage/profitability/commercial credit/deleveraging
维普
万方数据