Analysis of Chinese Leverage Structure
——Based on the Department Division and Regional Differentiation TANG Zi-long1 and YI Lu-xia2
（1.Guangdong University of Finance，Guangzhou，Guangdong510521，China；2.Guangzhou Collage of Technology and
Business，Guangzhou，Guangdong510850，China）
Abstract：In recent years，with the decrease of economic growth rate and the promotion of structural transformation， Chinese leverage ratio has been increased rapidly；influenced by such factors as debt-oriented growth pattern and the imbalanced regional economic growth，the complexity of relation among leverage ratio，economic growth，and financial stability has been further enhanced. Considering the reality of the imbalanced regional economic growth and the complex financial resources distribution，we should correctly understand the role of leverage in China’s economic growth to formulate the policy of deleverage with the consideration of regional and department factors. Taking total leverage ratio，department leverage ratio，financial fluctuation，and economic growth panel data as the sample，the authors establish the Spatial Durbin model (SDM)；based on these， the authors also carry out an empirical research on the correlation mechanism of structural changes in China's leverage. The empirical results show that there is a spatial correlation among regional leverage levels in China；but the linkage mechanism of leverage change in different departments is different from that in other regions. Generally speaking，financial leverage ratio has a significant positive effect on total leverage ratio；and the role of other department leverage ratios in promoting total leverage ration in one regional is different from that in other regions. So to realize the balance between stable growth and deleverage，decisionmakers should formulate differentiated policies based on different influencing mechanism in different regions and departments，the characteristics of regional leverage structure，the process of economic restructuring，and the degree of financial stability；and they also should realize the balance between stable growth and deleverage by influencing and guiding the range and direction of changes in leverage. Specifically speaking，in deleveraging，we should，first，pay more attention to seeking common points while reserving difference in regional differentiated policies；second，we should pay more attention to the combination rule of department leverage fluctuation；and third，we should pay more attention to the rational choose and match of supervision and macro policy.
Key words：regional leverage ration；linkage mechanism；financial stability；department division；regional differentiation