De leveraging Policy,Enterprise Financialization and Default Risk——A Comparative Study Based on Group and Non-group Enterprises
The listed companies of A-share in China from 2010 to 2021 are selected as the research object,and the group companies and non-group companies are distinguished according to their ownership structure.The KMV model is used to measure the probability of default of enterprises,and the triple difference model is used to study the impact of deleveraging policy on default risk.The main research conclusions are:compared with non-group companies,deleveraging policy has a more significant effect on the reduction of default risk of group companies;There is a U-shaped relationship between financialization and enterprise default risk.Moderate financialization of group enterprises helps to effectively play the role of deleveraging policy in restraining default risk.At the same time,monetary policy tightening strengthens the role of deleveraging policy and financialization in restraining debt default risk of enterprise groups.In terms of policy,we should adhere to deleveraging,pay attention to the appropriateness of financialization,promote the construction of enterprise groups,and give play to the advantages of the internal capital market that can effectively allocate financial assets.
NETL
NSTL
万方数据
