| Being the core-power of the Chinese economic development, State-controlled enterprises have always been the backbone of the Chinese enterprises. They are not only the relying of state-owned assets, but also the supporting force of comprehensive national strength’s increasing and the economy’s developing. Since the founding of new China, the Financing policy and Interest rate policy has changed several times, optimize State-owned property from financing mode and macroeconomic policy, in order to meet the social development needs. But during the developing process, many state-controlled enterprises keep high asset-liability ratio. There are some causes:the separation between the right of control and managerial authority has dropped the controllers into blind over-investment; the operators’adverse selection and moral hazard; limits of the managers’ability and energy; the soft budget constraint and the attachment between state-controlled enterprises and banks; and the narrow financing channels make the enterprises have no other choices. However, high asset-liability ratio didn’t mean high enterprise’s value; the situation is not optimistic.This paper analyzes the cause of high asset-liability ratio; puts forward my own view of the definition of DFE, and researches the DFE of listed companies in China by regression analysis and group-comparison analysis. Chapter one is a preface, it states the research purpose, significance, thinking, method and innovation of this paper. Chapter two is the research overview, and expounds it from three parts:the study on the phenomenon of high asset-liability ratio, DFE of enterprises, and the exiting research on the DFE of state-owned enterprises. The third chapter is the theoretical analysis and put forward of hypothesis. Chapter four is research design, including the data sources, model building and variable definition. The fifth chapter is the details of empirical analysis. Chapter six is conclusion, proposes some suggestions on the results. |
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