Debt Risk Research Of Listed Companies In Our Country

At present, much attention has been paid to the enterprise debt of our country by domestic and international. Many institutions have started to research and analysis the enterprise debt risk of our country. Some people think that the scale of our enterprise debt is at stake, while others think that our enterprise debt risk is under control, so we don’t have to make a fuss. From the point of contribution, non-financial corporate debt’s marginal efficiency to our GDP has fallen from0.7in2008to0.29in2012. No matter from the view of the scale, the structure, or the source of sinking fund, there are high risks in enterprise debt currently. We need to be on high alert. Because the financial enterprise’s debt risk have significantly difference with non financial enterprises, this paper only study the non-financial corporate debt risk. This article selects the data of A-share non-financial listed companies as research sample, then make a detailed analysis of enterprise debt from the perspective of overall status and structure. First, start from the overall sample, and have a general idea about the debt situation of all listed companies. Second, classify the sample according to the industry, and find out industries which have the biggest contributions to the debt ratio of the overall sample. Again, make a detailed analysis about these industries, then find out reasons and risks behind the debt-changing. Them classify the sample according ownership into state-owned and non-state-owned listed companies, and analyze the reasons of debt-changing from a new perspective. Finally come to the conclusion that the non-financial listed companies of our country have the following problems:(1) Return on enterprise is gradually declining.(2) The corporate leverage is gradually rising.(3) the term mismatch is increasing. When these three problems appear together, the debt risk of enterprise will be intensified.If they encounter the tight monetary policy at the same time, there are high probability of debt crisis. For the debts of the enterprise risk the paper put forward four suggestions:(1) building enterprise library public funds to improve the enterprise’s ability to resist risk.(2) to support the development of diversified enterprises financing channels.(3) improve the risk consciousness of enterprise.(4) improve the enterprise debt risk warning mechanism.