The Empirical Analysis Of Government Influence On Listed Company's Dedts And Credits

As a main part of corporate financing structure theory, From the traditional capital structure theory to financial behavior, business management, the combination of these theory, debt financial, research of Debt financing has been the continuous developed. From the 20th century Western scholars began to pay attention to the debt financing structure, the focus of the study can be divided into maturity structure of debt, debt type structure. It is not only related to the enterprise's financial costs and debt repayment plan, but also affect the economic benefits of creditors and operational risks The traditional financial theory has identified the period, corporate assets, firm size, growth, default rate and actual tax rates and many other factors that affect the debt structure choice. Nevertheless, the results of these studies was largely based on United Kingdom, the United States and other developed countries, and very few studies have concerned about the debt structure in different systems, different circumstances, in particular, in China's transition economy background of this particular system Will Government intervention be impact on China's corporate debt structureAs we all know, our debt structure of listed companies is very special, with the Western developed countries, credit debt, long-term debt-based debt financing structure in comparison, China's enterprises rely on more bank borrowings, short-term debt, while the proportion of long-term debt is Low The reasons for this phenomenon comes from internal factors, but an even greater extent is due to differences in the system External factors such as Government intervention, market-oriented level of development, as well as the degree of development of financial markets, have an important influence on the lending practices of enterprises, China's late 20th century,70 decentralization reforms carried out in regional markets caused by the degree of difference Property Characteristics of our study and the relevant government line of how they affect the company's lending practices, the company's debt-type structure, debt maturity structure provides a unique opportunity.In this paper, we use China's Shenzheng A shares of the 2004-2006 experience of non-ST listed company data as a sample, studying government intervention in China's listed companies, the type of debt structure and debt maturity structure. The empirical results show that after controlling for the type of debt structure and debt maturity structure of corporate identity-related effect of different regions of the normal operations of the listed company's debt structure, there are still significant differences. The empirical results show that after controlling for the type of debt structure and debt maturity structure of corporate identity-related effect of different regions of the normal operations of the listed company's debt structure, there are still significant differences. Among them, listed companies, the region where the higher the level of government intervention, enterprise more biased in favor of bank borrowings and long-term borrowings, bank borrowings share of the higher proportion of total debt, long-term debt accounted for the higher proportion of total liabilities. Listed companies, the region where the degree of government intervention, the lower the share of bank borrowings, the lower the proportion of total debt, long-term debt to total debt ratio lower.