The Department of Social Sciences of the Ministry of Education announced the approval results of the 2018 funding project in late stage for the study of philosophy and social sciences. The major project “Research on the Differentiation of Leverage Ratio and Structural De-Leverage of China's Non-financial Enterprises” was applied by Prof. Xiaofen TAN, the deputy dean of the School of Finance, and got the funding from the Ministry of Education. The approval number of this project is 18JHQ010 and the team members include Associate Professor Yaqi WANG, Associate Professor Qin GOU, Assistant Professor Bingbing DONG and Dr. Yuan LI from the School of Finance.

The 2018 funding projects in the late stage are divided into major projects and general projects. Major projects refer to the landmark achievements that have an important impetus to academic development and are expected to achieve significant academic value.

Professor Xiaofen TAN systematically and comprehensively explored the characteristics of Chinese enterprises’ Leverage Ratio differentiation, the influencing factors behind them, and the policy paths and measures for corporate deleveraging from the aspects of economic cycle, financial structure, fiscal policy, monetary policy, exchange rate policy, industrial policy, interest rate control policy, economic policy uncertainty and global financial cycle. It is of great significance for effectively solving the debt risks of Chinese enterprises, improving the efficiency of financial resource allocation, and promoting the "high quality development" of the Chinese economy.