The Research On The Debt Specialization Of Listed Corporations And Its Influence Factors

In the past studies, debts are considered to be the same when talk about capital structure, but in fact, with the development of financial markets, enterprises can choose more and more debt financing structures. Enterprises are different in their debt financing structures. This paper is aimed at researching the variation trend of China's debt type in recent years. Apart from taking the data of Chinese listed companies' assets and liabilities from 2003 to 2013, it adopts HHI to measure and calculate debt type specialization. Moreover, by classifying and analyzing listed companies on Shanghai-Shenzhen main-board, SME board, and GEM board, it explores the differences in debt type consternation of listed companies on different market boards. At last, according to the characteristics of debt type specialization, the paper conducts experimental test and analysis for its influencing factors.According to the research conclusions, commercial credit debt with lower cost has replaced bank loan's leading role in listed companies'total liabilities. From the perspective of market board, listed companies on GEM board have the most concentrated debt type and those on Shanghai-Shenzhen board have the most dispersed debt type. External economic environment is one of the important factors influencing listed companies'debt type specialization. The empirical results have proved that companies with greater total assets have lower debt type specialization and those with lower asset-liability ratio have higher debt type specialization. At last, it can be seen that Chinese listed companies'debt type specialization presents a downward trend. The decline of debt specialization contributes to lowering the enterprise's bankruptcy cost. It indicates that Chinese listed companies are rational in terms of debt type selection.