Research On The Impact Of Nature Of Property Right On The Debt Financing

Since the reform and opening up,compared to the rest of the world,China's economy has maintained a relatively stable high-speed growth trend.But since the 2008 financial crisis,the downward pressure of China's economic growth is relatively large,China's economic development has entered a new normal.As an economic cell of the nation,the benefits of enterprises related to the development of the country and the improvement of people's living standards.Financing is essential for enterprises'development.In the background of China's efforts to develop multilevel capital market,China's enterprises have more and more financing channels.However,in China's special national conditions and context,the scale and cost of debt financing,as one of the important financing channels,are different between state-owned enterprises and private enterprises.However,the research on the impact of different nature of property right on the debt financing are relatively little while and the conclusions are not the same.Based on a large number of theoretical research and literature review,this paper takes 929 listed companies in Shanghai and Shenzhen as the research samples,and uses the generalized least squares(GLS)to analyze the financial data of listed companies in 2007 and 2015.Try to find out the impact of different nature of property right on the debt financing.This paper finds out that the debt cost of state-owned listed companies is significantly lower than that of private listed companies under the condition of other conditions.The relationship between property rights and debt costs is positively related to the macroeconomic situation.This suggests that the costs of debt financing of state-owned enterprises are further reduced as the macroeconomic situation goes up.The balance of assets and liabilities of state-owned listed companies is significantly higher than that of private listed companies,and the relationship between property rights and asset-liability ratio plays a negative role in regulating the relationship between property rights and asset-liability ratio.This indicate that with the macroeconomic environment goes up,the asset-liability ratio of state-owned enterprises will goes down.Although there is room for improvement in the selection of samples and the measurement of variables,the study of this paper enriches the nature of property rights and the research on the relationship between the company's debt financing relationship.Furthermore,this paper has the following practical guiding significance.(1)This paper finds out that the phenomenon of credit discrimination on private enterprises does exist.(2)The state should speed up the reform of state-owned enterprises.(3)We should reduce the financial leverage of enterprises,especially state-owned enterprises.(4)We should vigorously develop multi-level capital market.At the same time,this paper combines the macroeconomic situation with the micro-enterprise debt financing,not only broaden the research field of management,but also has the important guiding significance for the enterprise's debt financing under different macroeconomic situation.