Abstract: Based on corporate financing constraints and corporate financialization channels under the governance of shadow banking, this paper systematically examines the impact of financial deleveraging policies on the deleveraging of entity enterprises. The research shows that financial deleveraging has significantly accelerated the adjustment of the capital structure of over-indebted enterprises to the target level, indicating that financial deleveraging can effectively drive over-indebted enterprises to delever. Unlike financial leverage, which leads to corporate leverage increase by easing corporate financing constraints and strengthening corporate financialization channels, financial deleveraging mainly leads to corporate leverage reduction by tightening corporate financing constraints rather than restraining corporate financialization channels.Compared with state–owned, large–scale and non–real estate (infrastructure) industries, financial deleveraging has a particularly significant effect on the deleveraging of enterprises in non–state–owned, small–scale and real estate (infrastructure) industries. The loose monetary policy will slow down the deleveraging degree of over-indebted enterprises driven by financial deleveraging by weakening corporate financing constraint channel. This study provides a new research perspective and policy reference for continuing to deepen the structural reform of the financial supply side and promoting structural deleveraging with the orientation of marketization.

Key words:

financial deleveraging, shadow banking governance, deleveraging of entity enterprises, corporate financing constraints, corporate financialization