Empirical Study On The Relationship Between Industrial Policy,Industry Characteristics And Corporate Debt Financing

China has defined its goals for social and economic development by formulating the outline of the five-year plan for national economic and social development of the People's Republic of China.The government affects social and economic life through this outline,and industrial policy as one of the means,refers to "support,encourage,active,vigorously or emphatically develop" an industry.The implementation of industrial policy is mainly achieved by adjusting the allocation of bank credit,which further changes the financing constraints of enterprises,thus affecting the investment and financing behavior of enterprises.With the development of social economy,debt financing has gradually become the main way for enterprises to obtain funds,which is related to the operation and development of enterprises.How will the implementation of industrial policies affect the level of corporate debt financing? Whether this influence is related to the characteristics of the industry in which the enterprise is located.This thesis studies the relationship between industrial policy and corporate debt financing,and in-depth analysis of the regulating effect of industry characteristics,hoping to provide some practical basis for this research direction.This thesis combines theoretical analysis with empirical analysis.The theoretical analysis part defines the concepts of industrial policy and corporate debt financing,expounds the theory of credit rationing and financial accelerator,analyzes and defines the current research on the relationship between industrial policy and corporate debt financing.Starting from the perspective of the impact of industrial policy on bank credit allocation,this thesis studies the impact of industrial policy on corporate debt financing,and further analyzes the regulating effect of industry characteristics in the relationship between industrial policy and corporate debt financing from the three aspects of "industry competition","industry growth" and "industry external financing dependence".In the empirical analysis part,the thesis selected 3,631 A-share non-financial listed companies from 2006 to 2017 as research samples,totaling 13,642 sample data,and used the multiple linear regression method to test the impact of industrial policy on corporate debt financing during the 11 th,12th and 13 th five-year plan period in China,and in-depth analyzes the regulating effect of industry characteristics on the relationship between them.Empirical results show that: 1)To some extent,industrial policy promotes the improvement of debt financing level of enterprises.2)The level of debt financing of highly competitive industrial enterprises tends to be stronger when they are supported by industrial policy.3)The level of debt financing of high-growth industrial enterprises is more improved when they are supported by industrial policy.4)The debt financing level of industrial enterprises with high dependence on external financing is more vulnerable to the impact of industrial policies.According to the results of analysis,some suggestions are presented.Enterprises should consider the impact of external policy environment,and understand the characteristics of their own industry in debt management and financial warning.The banking industry should pay attention to the development trend of industrial policy,easing credit conditions in emerging industries supported by policy,increasing their own profits.Our country still should further renew perfect industrial policy,and give corresponding support to industries outside the scope of industrial policy support to alleviate their financial difficulties.