Empirical Study Of Debt Financing Constraints Of Listed Companies In Equipment Manufacturing Industry In China

China has Manufacturing power, Equipment manufacturing industry is the coreof the manufacturing sector,is the top priority of the national economy and nationalsecurity. The concept of “Equipment manufacturing industry” is formally proposed inthe central economic conference in1998. In the "Eleventh Five-Year Plan" period,Equipment manufacturing industry has achieved rapid development in China, somecompanies or industries have entered the ranks of the world’s leading.Our Equipmentmanufacturing industry is gradually bigger, but is not stronger.therefore, Equipmentmanufacturing industry has been raised to a new strategic and presented newchallenges and goals in “Twelfth Five-Year Plan”.Although in recent years, China’s Equipment manufacturing industry has maderemarkable achievements in the world, it is undeniable there are many problems,facing many challenges in Equipment manufacturing industry in China.InChina,Equipment manufacturing industry has always been there the problem ofshortage of funds, When the internal cash flow can not meet capital requirements,enterprises need external financing,the cost of equity financing is high,as moredebt,enterprises are difficylt to obtain more debt,so more enterprises are facing debtfinancial constraints.In the paper,date was collected from227listed in Equipment manufacturingindustry, which is listed125of in shanghai stock exchange market and102of inshenzheng stock exchange market.Samples were researched by Investment-cash fiowsensitivity modle and asset-liability rate as debt financial constraint indicators.Afterthis,we classified the samples in accordance with asset-liability ratio,and didempirical analysis and compared with high debt ratio and low debt ratio.Based on the empirical analysis,the paper proposed policy advice andrecommendations.Our Equipment manufacturing industry break the development ofthe plight by strengthening the independent innovation,use of national policy tosupport and fund industry,strengthen cooperation between banks and enterprises,improve the financial lease, and prevent excess capacity and duplication，From allaspects to improve the financing of China’s equipment manufacturing industry。...