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Empirical test of the debt financing structure of listed companies

Author: HeJing From: www.yourpaper.net Posted: 2009-04-01 20:24:03 Read:
Abstract: In this paper, descriptive statistics, parametric and non-parametric test methods for system analysis and industry characteristics on the general characteristics of the debt financing structure of listed companies in China. The study found: debt financing structure of listed companies in China, the higher the ratio of current liabilities showed an increasing trend to lower long-term debt ratio and a declining trend; listed companies in China is about 1/2 of the debt financing by banks credit achieved; China by the regulated industry overall gearing ratio and current liabilities ratio is lower than the other sectors, and long-term debt ratio is higher than the other sectors; debt financing structure between different industries there are significant differences, most of these differences vesting in the industry differences rather than annual differences.
Keywords: listed companies; debt financing; financing structure; industry characteristics

The business is long-term debt financing or short-term debt will be a direct impact on the debt maturity structure. Debt funding sources listed companies in China, the high side of long-term debt or short-term debt is the high side it? The composition of the long-term and short-term debt and what is it? Industry factors affect how debt financing structure of listed companies in China? The purpose of this paper is to debt financing structural characteristics of China's listed companies.

Sample selection for industry distribution

This article uses the Wind China's financial database 1995-2006 All listed A shares reported consolidated balance sheet data for a sample of non-financial companies, released in April 2001 by the China Securities Regulatory Commission listed companies Industry Classification Guidelines (the Guidelines for three categories, including 13 categories, 91 categories and 288 classes in the guidelines to determine the method of a listed company's industry: When a company in a particular industry operating revenue is greater than or equal to 50%, the company will be included in this industry; When the company does not have the industry's operating income is greater than or equal to 50%, while operating income in a particular industry accounted for more than 30% of other industries, the company is classified for the industry. Otherwise, the company is classified as integrated class.) divided by the respective trades of listed companies. Table 1 is a sample of their industry statistics, can be seen, nearly 60% of the companies belonging to the manufacturing sector in China's listed companies.

Table 1 Chinese listed companies in the industry distribution








































































































































































































Sectors (Industry Code)

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

Agriculture, forestry, animal husbandry and fisheries (A)

14

17

25

26

27

31

35

36

37

37

37

37

Extractive industries (B)

5

7

10

11

11

16

19

19

21

21

21

21

Manufacturing (C)

440

498

590

623

668

711

776

786

804

804

803

801

Water, electricity and gas production and supply industry (D)

35

37

44

48

50

53

60

61

61

61

61

61

Construction industry (E)

11

13

14

15

17

22

26

26

28

28

28

28

Transportation and warehousing industry (F)

27

31

42

44

49

53

56

58

60

61

60

59

IT industry (G)

52

55

62

64

69

77

82

83

86

86

86

86

Wholesale and retail trade (H)

72

74

84

85

88

88

90

90

90

90

90

90

Real estate (J)

45

47

53

54

55

55

57

57

59

59

59

59

Social services sector (K)

25

28

34

36

37

37

38

38

40

40

40

40

Communication and cultural industries (L)

9

9

9

10

10

10

10

10

10

10

10

10

Comprehensive (M)

67

72

73

73

74

74

74

74

74

74

74

74

Total

802

888

1040

1089

1155

1227

1323

1338

1370

1371

1369

1366



The general characteristics of the debt structure of listed companies in China

A trend analysis of the debt structure of listed companies in China

Table 2 1992 2006 debt financing trend analysis of listed companies in China







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1995

1996

1997