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Analysis of Debt Financing Advantage of the State-owned Listed Companies When Financial Crisis

Author: JiangShen
Tutor: MaYongQiang
School: Southwestern University of Finance and Economics
Course: Financial Management
Keywords: Financial crisis State-owned property Debt financing
CLC: F276.6
Type: Master's thesis
Year: 2013
Downloads: 32
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Abstract


During the period of management sciences’rapid development, the intrinsic relationship between the background of the state-owned property and corporate’s debt financing advantages has been a hot topic in related fields around the world, also, it is an important aspect to understand the relationship between the government and the enterprise during economic transition process. But so far, most of the studies are based on normal environment as a hypothesis, few studies consider relatively worse environment as research premise. When the economy becomes worse, the mechanism of state-owned background on the behavior of the corporations may be much more different.This article is intended to set down the financial crisis in2008as background, we deal with associated data of listed companies before and after the financial crisis, based on the dynamic perspective of corporate cash flow shortages and build a theoretical and empirical models to answer the following questions:During the financial crisis, can the background of the state-owned property still bring debt advantage? Which state-owned enterprises have more obvious debt financing? Which factors affect different debt advantage of state-owned enterprises? We are trying to make a scholarly contribution to the understanding of the mechanism of action of the state-owned property during financial crisis. It can be said that these are waited to discuss major theory and solve the realistic problems. However, so far, the achievement of system research of the state-owned property under the financial crisis is rare.This paper is divided into four parts:The first part is the contents of the first chapter, the main purpose of this thesis that the background and significance, research ideas and frameworks, researsh methods. It is a brief description of the whole thesis.The second part are literature review and theoretical analysis, we introduce the specific meaning of the state-owned enterprises as well as the synthesis of the recent literature of the debt financing of the state-owned enterprises by the domestic and foreign economists. We want to form the theoretical basis of the article under the premise of finishing a full analysis of the relevant literature, the researches about state-owned enterprises’ debt financing and its economic consequences had new development and progress in recent decades, economists have begun to use more empirical and empirical analysis. Theoretically answer the following questions:the overview and its performance of advantages of debt financing, the analysis of debt financing advantages’driving factor and other related problems.The third part is the empirical research, according to the purpose of the article we make two assumptions. The state-owned property company has a financing advantage relative to other Property Rights, As well as the changes of the state-owned property in the case of a financial crisis in the financing advantage. And then derive the design model variables. There are two main model, and listed companies in2006to2010data to verify some of the main research questions The main research methods used in this paper is the empirical analysis, we can see it from enumeration data, create models and econometric analysis. In addition, we also use a comparative analysis.The fourth part is a summary of the article. The part of the study results focused the preamble refining, make the research prospects in the field Through the above research, the authors verify the advantages of financing for state-owned property rights, and that the advantage in the financial crisis, there will be some expansion. This article also provides suggestions on the market square, policymakers and investors square.This paper’s main innovation is reflected in the research perspective and research content. Firstly, the article studies the mechanism of state-owned property during finical crisis, while most researches are based on normal environment. I believe that it is good for deepening the knowledge of the mechanism of state-owned property. Secondly, the occurrence of the financial crisis generated strong impact on listed companies in the debt financing market. The paper revealed the mechanism of action of the background of the state-owned property from two aspects of the short-term financing and long-term financing and made a comparative analysis of financing advantages of different period of financial crisis. It is helpful to dig deeper into the internal mechanism of corporate debt financing of the background of the state-owned property rights affect, when the outbreak of the financial crisis.The main conclusions of this paper are as follows:First, most of the academic research shows that state-owned enterprises relative to the other nature business have advantages of debt financing, this point has been confirmed in the empirical research part. The author also extend the study to the financial crisis, The advantage of debt financing for state-owned enterprises also exist, and relative to the normal environment, this advantage will be enlarged.Second, corporate debt financing capacity and enterprise asset size was a significant positive correlation, under a certain degree, held with corporate free cash was a negative correlation. Government during the intervention, will focus on helping corporate capital chain that has been plunged into the edge of collapse to prevent brought a chain reaction triggered social unrest.Third, Corporate profitability, capital maintenance capability, shareholding structure and management structure will to affect the financing capacity of the enterprise in a certain extent. But this effect in the case of the financial crisis, will not be continuity and consistency.Last, in the impact of the financial crisis, direct control of the central government relative to the local government direct control of the company, there will be very obvious advantages of debt financing, which is produced in the special context of centralized government direct effect.The main deficiency of this article is the theoretical analysis section does not have too much reference, because the existing literature mostly derived normal environment for the financial crisis or less, followed by empirical research, this articlethe research is empirical, it can be said for China’s A-share market of the company’s financial data, the empirical range is not very wide, the derivation of the empirical model did not fully take into account the variety of the impact of the factors of state-owned enterprises to obtain financing and advantagesand the consequences of this economic phenomenon did not continue in-depth study.

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CLC: > Economic > Economic planning and management > Enterprise economy > A variety of enterprise and economic > Company
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