Paper Infomation
Influence of Macro-financial Leverage on Enterprise Resource Allocation Efficiency
Full Text(PDF, 62KB)
Author: Jinlu Lai
Abstract: The potential risks of high leverage have attracted widespread attention from policy makers and scholars in related fields. Since 2016, China has placed "deleveraging" and "stable growth" on an important position, which has triggered a wave of academic research on macro financial leverage, deleveraging and other related issues. From the perspective of real enterprises, how does macro-financial leverage affect microenterprises? Is macro-financial leverage a single linear effect on the resource allocation of real enterprises? Or is there a boundary from positive to negative? Based on the above background, this paper takes the quarterly financial data of Chinese listed companies in non-financial industry from 2012 to 2021 as samples to explore the relationship between macro-financial leverage and enterprise resource allocation efficiency by combining theoretical analysis and empirical research. The research results show that there is an inverted U-shaped relationship between the two. That is, the increase of the level of macro-financial leverage will lead to the rise of enterprise resource allocation efficiency and then decline. In addition, further analysis shows that corporate financing constraints can change the inverted U-shaped relationship between macro-financial leverage and corporate resource allocation efficiency. Specifically, on the left side of the inverted U-shaped relationship, financing constraints strengthen the promoting effect of macro-financial leverage on corporate resource allocation efficiency. Meanwhile, on the right side of the inverted U-shaped relationship, financing constraints strengthen the weakening effect of macro-financial leverage on the efficiency of enterprise resource allocation.
Keywords: Macro-financial Leverage, Enterprise Resource Allocation Efficiency, Inverted U-shaped Relationship, Financing Constraint
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