Study On Influencing Factors Of Operating Liabilities Of China’s Listed Companies

Debt financing as an important form of corporate financing, different types of debts affect the financial performance of the enterprise a huge difference, therefore, scholars began to focus on the problem of how to build an appropriate debt structure. The point of view of the current study about debt financing focuses on corporate debt maturity structure, some studies involving the debt priority structure and debt arranged structure, etc., few studies have taken into account the new structure of operating liabilities and financial liabilities which arising from the different sources of liabilities. About operating liabilities and financial liabilities, the existing study mainly focuses on the study of its leverage, ignoring the other aspects of the study. And the study on influence factors, some scholars studied the bank loans, corporate bonds and other financial liabilities. But the study on influencing factors of operating liabilities is still blank now. According to the date, in recent years, operating liabilities to total liabilities ratio showed a trend of rise. Since 2006, the operating liabilities has more than financial liabilities, accounting for more than 50% of the total liabilities,so operating liabilities financing has the very important role in enterprise debt financing. The study on factors affecting operating liabilities is urgently needed, which can supplement the lack of theoretical research, and provide a reasonable basis for debt financing to help enterprises build an appropriate debt structure.Based on the above background, liabilities can be divided into operating liabilities and financial liabilities according to different sources. First, this study describes and analyzes the current situation of operating liabilities by using the related data of A-share listed companies from 2002 to 2011. Then based on the review of existing related study at home and abroad, analyze the influence factors of operating liabilities both from internal factors and external environment factors, and has carried on the empirical test, draw the conclusion:On the aspect of Company’s internal factors, the larger the company is, more operating liabilities it uses. The higher the profitability is, more operating liabilities the company uses. The higher the growth is, more operating liabilities the company uses. The higher the current assets ratio is, more operating liabilities the company uses. Company’s Ownership will affect the operating liabilities, state-owned companies have less operating liabilities than private companies. On the aspect of external environmental factors, the higher degree of marketization the company’s area have, the more operating liabilities it uses. The looser the monetary policy is, the less operating liabilities the companies use. This study analyzes the influencing factors of operating liabilities financing from the inside and outside two perspectives of the company in both theoretical and empirical aspects comprehensively and deeply. And put forward a few suggestions to help the company to make operating liabilities financing decisions.