基于2010~2022年A股上市公司数据，考察跨境资本流动对企业杠杆操纵的影响。研究表明：跨境资本流动会抑制企业杠杆操纵，该抑制作用在非僵尸企业、高财务柔性企业，以及财政分权度高地区与银行竞争度低地区的企业中更为明显；在不同的投资动机、资本类型、资本流向与极端状态下，跨境资本流动对企业杠杆操纵具有差异化影响；跨境资本流动主要通过降低企业期限错配与影子银行化程度，以及加大信贷供给力度来抑制企业杠杆操纵；紧缩性宏观审慎政策有助于增强跨境资本流动对企业杠杆操纵的抑制作用，且资本型宏观审慎政策工具的调控效果最为明显。

Using data from A-share listed companies from 2010 to 2022, this study examines the effects of cross-border capital flows on corporate leverage manipulation. The results show that cross-border capital flows inhibit corporate leverage manipulation, which is more pronounced in non-zombie enterprises, enterprises with high financial flexibility, and enterprises in regions with a high degree of fiscal decentralization and a low degree of banking competition. Cross-border capital flows exert differentiated effects on corporate leverage manipulation under varying investment motives, capital types, capital flows, and extreme conditions. Cross-border capital flows can weaken the maturity mismatch, reduce the shadow banking and increase credit supply, thus mitigating corporate leverage manipulation. Tightening macroprudential policies strengthen the restraining effect of cross-border capital flows on corporate leverage manipulation, with capital-based macroprudential instruments exerting the most pronounced regulatory impact.