Promotion or Repression Caused by Local Industrial Policy and Enterprise Leverage

WU Fei; LIU Jia-wen; CHANG Xi

Volume 35 Issue 6

Apr. 2021

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WU Fei, LIU Jia-wen, CHANG Xi. Promotion or Repression Caused by Local Industrial Policy and Enterprise Leverage[J]. Journal of Guangdong University of Finance & Economics, 2020, 35(6): 17-31.

Citation:

WU Fei, LIU Jia-wen, CHANG Xi. Promotion or Repression Caused by Local Industrial Policy and Enterprise Leverage[J]. Journal of Guangdong University of Finance & Economics, 2020, 35(6): 17-31.

WU Fei, LIU Jia-wen, CHANG Xi. Promotion or Repression Caused by Local Industrial Policy and Enterprise Leverage[J]. Journal of Guangdong University of Finance & Economics, 2020, 35(6): 17-31.

Citation:

WU Fei, LIU Jia-wen, CHANG Xi. Promotion or Repression Caused by Local Industrial Policy and Enterprise Leverage[J]. Journal of Guangdong University of Finance & Economics, 2020, 35(6): 17-31.

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Promotion or Repression Caused by Local Industrial Policy and Enterprise Leverage

WU Fei¹,
LIU Jia-wen¹,
CHANG Xi^{1, 2
,}

1.
Guangdong University of Finance, Guangzhou 510521
2.
School of Business, Macau University of Science and Technology, Macau 999078, China

Received Date: 2020-06-02
Available Online: 2021-04-26
Publish Date: 2020-12-28

Abstract

Abstract

In the context of implementing supply-side structural reforms, this paper examines the impact of local industrial policies on corporate leverage by using Chinese listed companies and their macro data sets from 2007-2017. Different from the existing research, in addition to considering the relationship of "local industrial Policy-enterprise leverage ratio", this study also includes the local government behavior into the above path. It is found that industrial policies can effectively suppress the level of corporate leverage, significantly reducing short-term leverage, but having relatively limited effect on long-term leverage; according to the classification of enterprise attributes, the specific role of industrial Policy varies. From the perspective of the impact mechanism, industrial policies can reduce the short-sighted bias of enterprises, weaken their financial arbitrage incentives, alleviate corporate financing constraints and reduce the uncertainty of corporate environment, all of which are conducive to reducing the leverage level of enterprises. In particular, appropriate local government incentives are conducive to local industrial policies to restrain the level of corporate leverage. In view of this, the term structure of corporate leverage and the effectiveness of the transmission of industrial Policy mechanisms should be fully considered; the incentive system should be adjusted to enhance rationality and effectiveness of industrial Policy from the perspective of government behavior.
- local industrial Policy,
- industrial Policy,
- corporate leverage ratio,
- pressure of promotion assessment,
- pressure of innovation growth,
- fiscal position,
- government behavior,
- local government

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References(33)

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