Research on Deleveraging of New Energy Enterprises and Risk-taking of Enterprises

Abstract

Abstract In the passing years, thanks to the support of the state and the government, the new energy industry has advanced in leaps and bounds and thus become a vital supporting force for China’s economic growth. The rapid growth of new energy enterprises requires a large amount of financial support, and debt financing is its inevitable choice. In the context of deleveraging of non-financial enterprises, does deleveraging of new energy enterprises exert an impact on corporate risk-taking? With A-share new energy listed companies from 2011 to 2018 as research samples, this thesis analyzes the impact of debt scale changes on corporate risk-taking from three perspectives: the overall debt level, the degree of deleveraging and the degree of deleveraging of bank loans. The results turn out that the asset-liability ratio significantly increases corporate risk-taking, the degree of deleveraging significantly reduces corporate risk-taking, while the deleveraging of bank loans reduces corporate risk-taking. Analysis of the impact of deleveraging of new energy enterprises on corporate risk-taking is conducive to clarifying the extent of the impact of deleveraging policy on investment willingness of new energy enterprises, thus providing theoretical basis for formulation and implementation of policies.