Fiscal Policy Orientation,Cooperation Degree of State-owned Enterprises and Debt Risk:Test Based on the Deviation Degree of Optimal Leverage Ratio
In recent years,the problem of state-owned enterprise debt risk and the phenomenon of"platformization"have attracted the attention of all sectors of society.Exploring the influence of policies on financing decisions of state-owned enterprises is helpful for the government to formulate fiscal policies more effectively,guide state-owned enterprises to regulate financing behaviors,and reduce the debt risks of state-owned enterprises.In this paper,leverage deviation index is constructed by using the optimal leverage ratio fitted by enterprise micro-data and macro-economic data.Taking the"Four Trillion Plan"policy measures as an example,this paper deeply discusses the mechanism of policy orientation to promote the formation of state-owned enterprise debt risk.The research shows that compared with non-state-owned enterprises,state-owned enterprises show a higher degree of cooperation with fiscal policies.After the implementation of expansionary fiscal policy,state-owned enterprises more actively carry out financing activities,resulting in the actual leverage ratio is higher than the optimal leverage ratio.Mechanism analysis shows that increasing government subsidies and reducing financing costs are important reasons for state-owned enterprises to cooperate.Heterogeneity analysis shows that after the policy impact,the over-indebted state-owned enterprises have greater leverage deviation,which further expands the debt risk.State-owned enterprises with business scope and policy content,closer relationship with the government,and higher market position are also more willing to finance.Further research finds that the continuous financing of over-indebted state-owned enterprises expands the debt risk and hinders the development of new quality productivity,while the financing of non-state-owned enterprises with low debt can significantly promote the improvement of new quality productivity and reflect higher resource allocation efficiency.Based on the above research,this paper puts forward policy suggestions such as guiding the steady operation of state-owned enterprises,optimizing the efficiency of capital allocation,and implementing precise policies.
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