“Deleveraging” Policy and Enterprise Innovation：Evidence from Generalized Difference in Difference Model
WANG Guijun1, ZHANG Hui2, TANG Yuxuan3
1.School of Humanities and Social Sciences, Beijing Institute of Technology
2.School of Economics, Peking University
3.International Development Cooperation Academy, Shanghai University of International Business and Economics
Abstract：In order to prevent the negative impact of excessive leverage on the high-quality development of enterprises, the central government issued the “Opinions of the State Council on Actively and Steadily Reducing Enterprise Leverage Ratio” in 2016. Taking this as a quasi-natural experiment, this paper uses the generalized difference in difference model to investigate the impact of the “deleveraging” policy on enterprise innovation. The research finds that, first, the “deleveraging” policy has significantly promoted enterprise innovation in terms of patents output. Second, the promoting effects of “deleveraging” policy derive from improving operational performance and optimizing enterprise debt structure. Third, the “deleveraging” policy stimulates enterprises' innovation for both SOEs and non-SOEs. The promotion for SOEs innovation is mainly achieved by optimizing the debt structure, but promotion for non-SOEs innovation can be achieved through both improving the performance and optimizing the debt structure. The conclusion not only supports the effectiveness of supply side structural reform from the perspective of innovation, but also enriches the research on the mechanism of impact of leverage ratio on enterprise innovation.
2023, Vol. 43 
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