Leverage manipulation is a manipulation of enterprises to adjust the book leverage ratio to cater to the deleveraging policy.This measure will affect the external users of financial statements to make a correct judgment.Based on the social network theory,this paper takes the Shanghai and Shenzhen A-share listed companies in 2010-2022 as the research sample to study the influence and mechanism path of shareholder relationship network and corporate leverage manipulation from the perspective of social network.Research found that the shareholder relationship network can inhibit corporate leverage manipulation,and the conclusion still holds after a series of robustness tests;the mechanism inspection Improve corporate transparency to suppress leverage;heterogeneity analysis suppresses leverage in non-state-owned enterprises,larger enterprises,and high levels of strategic differences.This paper studies the influence of shareholder relationship network on corporate leverage manipulation from the relationship between enterprises,and provides a new perspective for preventing corporate financial risks.
social networkshareholder relations networkleverage manipulationcorporate transparencyshort-term debt
万方数据
维普
