摘要
本文采用描述性统计、参数和非参数检验等方法对中国上市公司债务融资结构的总体特征和行业特征进行系统的分析。研究发现:在中国上市公司债务融资结构中,流动负债比率较高且呈逐年上升的趋势,长期负债比率较低且呈逐年下降的趋势;中国上市公司的债务融资有1/2左右是靠银行信贷实现的;中国受管制行业的总体资产负债比率和流动负债比率较其他行业低,而长期负债比率则较其他行业高;不同行业之间的债务融资结构存在显著性差异,这些差异大部分归属于行业差异而不是年度差异。
The paper applies descriptive statistics, parametric and non-parametric test for a systematic analysis of overall and industry features of Chinese listed companies' debt financing structure. The study reveals that current debt ratio is high and ascending year after year. Whereas the long debt ratio is relatively low and descending year after year, as about 1/2 debt financing of Chinese listed companies is done in the form of bank loan. Overall debt ratio and current debt ratio of Chinese regulated industries are comparatively low while the long debt ratio is high, a reflection of industry difference rather than annual difference.
出处
《证券市场导报》
CSSCI
北大核心
2007年第4期43-50,共8页
Securities Market Herald
关键词
上市公司
债务融资
融资结构
行业特征
listed companies
debt finance
finance structure
industry features