新冠疫情冲击与企业杠杆操纵
COVID-19 Impact and Corporate Leverage Manipulation

本文以2017~2022年A股非金融业上市公司为研究对象，探究新冠疫情冲击对企业杠杆操纵会产生何种影响。经过回归分析发现，新冠疫情冲击对企业杠杆操纵具有抑制效应，在替换因变量后，这种抑制效应依然显著。然而新冠疫情冲击对企业杠杆操纵的抑制效应只是短期的，我们仍需考虑今后长期应该采取的措施，据此本文也提出了一些建议。企业应当意识到杠杆操纵会引发一系列风险，要不断优化资产负债结构和债务期限结构。除此之外，还需要机构投资者的关注、相关部门的监督、政策法规的约束等，才能有效抑制企业杠杆操纵，达到实质性去杠杆的目的。
This paper takes A-share non-financial listed companies from 2017 to 2022 as the research object to explore the impact of COVID-19 on corporate leverage manipulation. Through regression analysis, it is found that the COVID-19 impact has an inhibitory effect on corporate leverage manipulation, and this inhibitory effect is still significant after replacing the dependent variable. However, the damping effect of the COVID-19 impact on corporate leverage manipulation is only short-term, and we still need to consider long-term measures to be taken in the future. Based on this, this paper also puts forward some suggestions. Enterprises should realize that leverage manipulation will lead to a series of risks, and constantly optimize the structure of assets and liabilities and debt maturity structure. In addition, it also needs the attention of institutional investors, the supervision of relevant departments, and the constraints of policies and regulations, so as to effectively restrain corporate leverage manipulation and achieve the purpose of substantive deleveraging.