Trends and Risks of Non-financial Corporate Debt in Emerging Economies in the Post-crisis Era and Its Implications to China

（Chinese Academy of International Trade and Economic Cooperation ，Ministry of Commerce，PRC，Beijing 100710，China）

Abstract：Since the outbreak of the financial crisis in 2008，the rapid rise in the leverage ratio of non-financial corporations in emerging economies has aroused widespread concerns around the world. Successive defaults by real estate giants such as Evergrande in the debt market highlight the urgency of reducing corporate debt risks and maintaining the stability of the financial system. Based on the perspective of international comparison between developed countries and emerging economies ，and the data of the Bank for International Settlements since the 2008 financial crisis，the author comprehensively analyzes the development status of non- financial corporate leverage ratio in emerging economies in the post- crisis era ，the causes of sharp jump in the leverage ratio，and the impact on economic growth and financial stability from the dimensions of corporate debt scale ，growth rate，and sector structure. It is found that：the rise in leverage ratio is not only influenced by macroeconomic factors such as quantitative easing monetary policy in developed countries ，stricter supervision of international financial system ，cyclical decline in economic growth and the inadequate development of capital market ，but also the result of microeconomic factors such as ownership preference of bank credit funds，low rate of returns on corporate investment and financing constraint effects of small and medium- sized enterprises. The excessive increase in the leverage ratio of non- financial corporations not only affects the stability of the financial system in emerging economies ，but also restrains investment and economic growth. At the same time ，it also causes corporations to take risks in terms of liquidity，solvency and debt rollover. To cope with the high leverage of China's non-financial corporations and reduce systemic risks，the author puts forward concrete policy suggestions，including deepening the reform of investment management system，improving the development of multi- level capital market system ，accelerating market- oriented reform of state- owned enterprises ，and improving corporate asset restructuring and bankruptcy liquidation procedures.

Key words：leverage ratio；non- financial corporations；structural deleveraging；international financial crisis；emerging

economies