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Debt Policies of Chinese SOEs-based on banking relationship

机译:中国国有企业的债务政策 - 基于银行关系

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The financial leverage effect is not a determinant factor of a company's 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.
机译:财政杠杆效应不是公司债务政策的决定因素。不列出的金融制度主要筹集资金,并采取更多社会职责,隐性保证或软预算诱使他们接受国家所有银行的巨额贷款,无论如何金融杠杆亏损。但上市的SCCS在基于市场的金融系统中筹集资金,使债务政策达到CSRC对债务比率的严格请求,与一些融资和再融资行为相对应,并没有为财务杠杆效应支付或不注意。

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