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| Research on the Impact of Corporate Monopoly Power on Financial Leverage Manipulation |
| PENG Fangping，LIAO Jingxian，HE Jin’an |
| Sun Yat-sen University, Guangzhou, China |
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Abstract From the perspective of market competition structure, this study uses the data of Chinese A-share listed companies from 2000 to 2020 to study the differences in leverage manipulation behavior of companies with different monopoly power through the traditional method and DML (Double Debiased Machine Learning) nonparametric inference with continuous treatments. The results show that compared with high-monopoly-power companies, companies with low monopoly power have greater incentives to manipulate financial leverage; Easing monetary policy will alleviate the problem of financial leverage manipulation of companies, but the increased capital flows more into high-monopoly-power companies, leading to a more significant decrease in theirs leverage manipulation degree than high-monopoly-power companies.
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Received: 16 January 2022
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