Debt Policies of Chinese SOEs-based on banking relationship

摘要：

The financial leverage effect is not a determinant factor of a companys debt policy.Unlisted SOEs mainly raise money from bank-based financial system and undertakes more social duties,the implicit assurance or soft budget induce them to accept huge loans from state owned banks regardless of financial leverage loss.But listed SCCs raise money in a market-based financial system,make debt policy in order to meet the rigid request of CSRC on debt ratio corresponding with some financing and refinancing behavior and pay no or less attention to financial leverage effect.

关键词： return on total assets before interest and tax banking relationship financial leverage effect

作者: Qilin Ding Guojun Yin

作者单位: School of Economics,Changsha University of Science & Technology,Hunan Province,P.R.China,410076

会议类型: 国际会议

会议名称: The 2008 International Conference on Business Intelligence and Financial Engineering(BIFE 2008)(商业智能和金融工程国际会议)

会议地点: 长沙

会议语种:英文

页码: 806-810

在线出版日期: 2008-10-28（万方平台首次上网日期，不代表论文的发表时间）