Assessing China's corporate sector vulnerabilities /:
This paper documents and assesses the risk stemming from rising corporate indebtedness in China using a firm-level dataset of listed firms. It finds that while leverage on average is not high, there is a fat tail of highly leveraged firms accounting for a significant share of total corporate debt, m...
Gespeichert in:
| Hauptverfasser: | , |
|---|---|
| Körperschaft: | |
| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
[Washington, D.C.] :
International Monetary Fund,
©2015.
|
| Schriftenreihe: | IMF working paper ;
WP/15/72. |
| Schlagworte: | |
| Online-Zugang: | Volltext |
| Zusammenfassung: | This paper documents and assesses the risk stemming from rising corporate indebtedness in China using a firm-level dataset of listed firms. It finds that while leverage on average is not high, there is a fat tail of highly leveraged firms accounting for a significant share of total corporate debt, mainly concentrated in the real estate and construction sector and state-owned enterprises in general. The real estate and construction firms tend to face lower borrowing costs and could withstand a modest increase of interest rate shocks despite their high leverage. The corporate sector is however vulnerable to a significant slowdown in the real estate and construction sector. Our sensitivity analysis suggests that the share of debt that would be in financial distress would rise to about a quarter of total listed firm debt in the event of a 20 percent decline in real estate and construction profits.--Abstract. |
| Beschreibung: | "March 2015." "Asia and Pacific Department." |
| Beschreibung: | 1 online resource (28 pages) : color illustrations |
| Bibliographie: | Includes bibliographical references (page 27). |
| ISBN: | 9781475532272 147553227X 9781484309056 1484309057 1484308786 9781484308783 1484309634 9781484309636 |
| ISSN: | 1018-5941 ; |
Internformat
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| 100 | 1 | |a Chivakul, Mali, |e author. |0 http://id.loc.gov/authorities/names/no2005099967 | |
| 245 | 1 | 0 | |a Assessing China's corporate sector vulnerabilities / |c prepared by Mali Chivakul and W. Raphael Lam. |
| 260 | |a [Washington, D.C.] : |b International Monetary Fund, |c ©2015. | ||
| 300 | |a 1 online resource (28 pages) : |b color illustrations | ||
| 336 | |a text |b txt |2 rdacontent | ||
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| 490 | 1 | |a IMF working paper, |x 1018-5941 ; |v WP/15/72 | |
| 500 | |a "March 2015." | ||
| 500 | |a "Asia and Pacific Department." | ||
| 504 | |a Includes bibliographical references (page 27). | ||
| 520 | |a This paper documents and assesses the risk stemming from rising corporate indebtedness in China using a firm-level dataset of listed firms. It finds that while leverage on average is not high, there is a fat tail of highly leveraged firms accounting for a significant share of total corporate debt, mainly concentrated in the real estate and construction sector and state-owned enterprises in general. The real estate and construction firms tend to face lower borrowing costs and could withstand a modest increase of interest rate shocks despite their high leverage. The corporate sector is however vulnerable to a significant slowdown in the real estate and construction sector. Our sensitivity analysis suggests that the share of debt that would be in financial distress would rise to about a quarter of total listed firm debt in the event of a 20 percent decline in real estate and construction profits.--Abstract. | ||
| 588 | 0 | |a Online resource; title from pdf title page (IMF.org Web site, viewed April 2, 2015). | |
| 505 | 0 | |a Cover Page; Title Page; Copyright Page; Contents; Figures; Tables; I. Introduction; II. Background; 1. China: Corporate Profit, Saving and Investment; 2. China: Corporate Indebtedness; 3. China: External Debt Development; 4. China: Offshore Issuance; III. Data; 6. China: Financial Position of Listed Firms; 7. China: Distribution of Corporate Indebtedness Among Listed Firms; IV. Leverage and Performance Indicators; 8. Corporate Leverage; 9. Financial Performance of Listed Firms; 1. Number of Firms in the WIND Database, by Enterprise Nature and Industries; 2. Leverage Regression. | |
| 505 | 8 | |a 3. Effective Interest Cost RegressionV. Sensitivity Analysis; 4. Interest Coverage Ratios and Financial Distress Firms; 5. Sensitivity Test Results of the Interest Rate Shock; 6. Sensitivity of Interest Rate Shocks on Total Debt and Total Liabilities; 7. Sensitivity Test Results of the Profit Shock; 8. Sensitivity Test Results of the Combined Interest Rate and Profit Shocks; 10. Sensitivity Analysis-Interest Rate and Profit Shocks; VI. Conclusion; References; Footnotes. | |
| 650 | 0 | |a Business enterprises |z China. |0 http://id.loc.gov/authorities/subjects/sh2007102251 | |
| 650 | 0 | |a Corporate debt |z China. | |
| 650 | 0 | |a Government business enterprises |z China. | |
| 650 | 0 | |a Construction industry |z China. | |
| 650 | 0 | |a Interest rates |z China. | |
| 650 | 0 | |a Financial risk management |z China. | |
| 650 | 6 | |a Entreprises |z Chine. | |
| 650 | 6 | |a Sociétés |x Dettes |z Chine. | |
| 650 | 6 | |a Entreprises publiques |z Chine. | |
| 650 | 6 | |a Construction |x Industrie |z Chine. | |
| 650 | 6 | |a Taux d'intérêt |z Chine. | |
| 650 | 6 | |a Finances |x Gestion du risque |z Chine. | |
| 650 | 7 | |a Business enterprises |2 fast | |
| 650 | 7 | |a Construction industry |2 fast | |
| 650 | 7 | |a Corporate debt |2 fast | |
| 650 | 7 | |a Financial risk management |2 fast | |
| 650 | 7 | |a Government business enterprises |2 fast | |
| 650 | 7 | |a Interest rates |2 fast | |
| 651 | 7 | |a China |2 fast |1 https://id.oclc.org/worldcat/entity/E39PBJdCqh8h6hJY7PT6MQW4bd | |
| 700 | 1 | |a Lam, W. Raphael, |e author. | |
| 710 | 2 | |a International Monetary Fund. |b Asia and Pacific Department. |0 http://id.loc.gov/authorities/names/no97006778 | |
| 758 | |i has work: |a Assessing China's corporate sector vulnerabilities (Text) |1 https://id.oclc.org/worldcat/entity/E39PCGvtkMHbwHrKKjygGQCjVK |4 https://id.oclc.org/worldcat/ontology/hasWork | ||
| 776 | 0 | 8 | |i Print version: |a Chivakul, Mali. |t Assessing China's Corporate Sector Vulnerabilities. |d Washington : International Monetary Fund, ©2015 |z 9781484308783 |
| 830 | 0 | |a IMF working paper ; |v WP/15/72. |0 http://id.loc.gov/authorities/names/no89010263 | |
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| author | Chivakul, Mali Lam, W. Raphael |
| author_GND | http://id.loc.gov/authorities/names/no2005099967 |
| author_corporate | International Monetary Fund. Asia and Pacific Department |
| author_corporate_role | |
| author_facet | Chivakul, Mali Lam, W. Raphael International Monetary Fund. Asia and Pacific Department |
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| contents | Cover Page; Title Page; Copyright Page; Contents; Figures; Tables; I. Introduction; II. Background; 1. China: Corporate Profit, Saving and Investment; 2. China: Corporate Indebtedness; 3. China: External Debt Development; 4. China: Offshore Issuance; III. Data; 6. China: Financial Position of Listed Firms; 7. China: Distribution of Corporate Indebtedness Among Listed Firms; IV. Leverage and Performance Indicators; 8. Corporate Leverage; 9. Financial Performance of Listed Firms; 1. Number of Firms in the WIND Database, by Enterprise Nature and Industries; 2. Leverage Regression. 3. Effective Interest Cost RegressionV. Sensitivity Analysis; 4. Interest Coverage Ratios and Financial Distress Firms; 5. Sensitivity Test Results of the Interest Rate Shock; 6. Sensitivity of Interest Rate Shocks on Total Debt and Total Liabilities; 7. Sensitivity Test Results of the Profit Shock; 8. Sensitivity Test Results of the Combined Interest Rate and Profit Shocks; 10. Sensitivity Analysis-Interest Rate and Profit Shocks; VI. Conclusion; References; Footnotes. |
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| dewey-ones | 330 - Economics |
| dewey-raw | 330.951 |
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| discipline | Wirtschaftswissenschaften |
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| indexdate | 2024-11-26T14:49:18Z |
| institution | BVB |
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| isbn | 9781475532272 147553227X 9781484309056 1484309057 1484308786 9781484308783 1484309634 9781484309636 |
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| record_format | marc |
| series | IMF working paper ; |
| series2 | IMF working paper, |
| spelling | Chivakul, Mali, author. http://id.loc.gov/authorities/names/no2005099967 Assessing China's corporate sector vulnerabilities / prepared by Mali Chivakul and W. Raphael Lam. [Washington, D.C.] : International Monetary Fund, ©2015. 1 online resource (28 pages) : color illustrations text txt rdacontent computer c rdamedia online resource cr rdacarrier IMF working paper, 1018-5941 ; WP/15/72 "March 2015." "Asia and Pacific Department." Includes bibliographical references (page 27). This paper documents and assesses the risk stemming from rising corporate indebtedness in China using a firm-level dataset of listed firms. It finds that while leverage on average is not high, there is a fat tail of highly leveraged firms accounting for a significant share of total corporate debt, mainly concentrated in the real estate and construction sector and state-owned enterprises in general. The real estate and construction firms tend to face lower borrowing costs and could withstand a modest increase of interest rate shocks despite their high leverage. The corporate sector is however vulnerable to a significant slowdown in the real estate and construction sector. Our sensitivity analysis suggests that the share of debt that would be in financial distress would rise to about a quarter of total listed firm debt in the event of a 20 percent decline in real estate and construction profits.--Abstract. Online resource; title from pdf title page (IMF.org Web site, viewed April 2, 2015). Cover Page; Title Page; Copyright Page; Contents; Figures; Tables; I. Introduction; II. Background; 1. China: Corporate Profit, Saving and Investment; 2. China: Corporate Indebtedness; 3. China: External Debt Development; 4. China: Offshore Issuance; III. Data; 6. China: Financial Position of Listed Firms; 7. China: Distribution of Corporate Indebtedness Among Listed Firms; IV. Leverage and Performance Indicators; 8. Corporate Leverage; 9. Financial Performance of Listed Firms; 1. Number of Firms in the WIND Database, by Enterprise Nature and Industries; 2. Leverage Regression. 3. Effective Interest Cost RegressionV. Sensitivity Analysis; 4. Interest Coverage Ratios and Financial Distress Firms; 5. Sensitivity Test Results of the Interest Rate Shock; 6. Sensitivity of Interest Rate Shocks on Total Debt and Total Liabilities; 7. Sensitivity Test Results of the Profit Shock; 8. Sensitivity Test Results of the Combined Interest Rate and Profit Shocks; 10. Sensitivity Analysis-Interest Rate and Profit Shocks; VI. Conclusion; References; Footnotes. Business enterprises China. http://id.loc.gov/authorities/subjects/sh2007102251 Corporate debt China. Government business enterprises China. Construction industry China. Interest rates China. Financial risk management China. Entreprises Chine. Sociétés Dettes Chine. Entreprises publiques Chine. Construction Industrie Chine. Taux d'intérêt Chine. Finances Gestion du risque Chine. Business enterprises fast Construction industry fast Corporate debt fast Financial risk management fast Government business enterprises fast Interest rates fast China fast https://id.oclc.org/worldcat/entity/E39PBJdCqh8h6hJY7PT6MQW4bd Lam, W. Raphael, author. International Monetary Fund. Asia and Pacific Department. http://id.loc.gov/authorities/names/no97006778 has work: Assessing China's corporate sector vulnerabilities (Text) https://id.oclc.org/worldcat/entity/E39PCGvtkMHbwHrKKjygGQCjVK https://id.oclc.org/worldcat/ontology/hasWork Print version: Chivakul, Mali. Assessing China's Corporate Sector Vulnerabilities. Washington : International Monetary Fund, ©2015 9781484308783 IMF working paper ; WP/15/72. http://id.loc.gov/authorities/names/no89010263 FWS01 ZDB-4-EBU FWS_PDA_EBU https://search.ebscohost.com/login.aspx?direct=true&scope=site&db=nlebk&AN=1255585 Volltext |
| spellingShingle | Chivakul, Mali Lam, W. Raphael Assessing China's corporate sector vulnerabilities / IMF working paper ; Cover Page; Title Page; Copyright Page; Contents; Figures; Tables; I. Introduction; II. Background; 1. China: Corporate Profit, Saving and Investment; 2. China: Corporate Indebtedness; 3. China: External Debt Development; 4. China: Offshore Issuance; III. Data; 6. China: Financial Position of Listed Firms; 7. China: Distribution of Corporate Indebtedness Among Listed Firms; IV. Leverage and Performance Indicators; 8. Corporate Leverage; 9. Financial Performance of Listed Firms; 1. Number of Firms in the WIND Database, by Enterprise Nature and Industries; 2. Leverage Regression. 3. Effective Interest Cost RegressionV. Sensitivity Analysis; 4. Interest Coverage Ratios and Financial Distress Firms; 5. Sensitivity Test Results of the Interest Rate Shock; 6. Sensitivity of Interest Rate Shocks on Total Debt and Total Liabilities; 7. Sensitivity Test Results of the Profit Shock; 8. Sensitivity Test Results of the Combined Interest Rate and Profit Shocks; 10. Sensitivity Analysis-Interest Rate and Profit Shocks; VI. Conclusion; References; Footnotes. Business enterprises China. http://id.loc.gov/authorities/subjects/sh2007102251 Corporate debt China. Government business enterprises China. Construction industry China. Interest rates China. Financial risk management China. Entreprises Chine. Sociétés Dettes Chine. Entreprises publiques Chine. Construction Industrie Chine. Taux d'intérêt Chine. Finances Gestion du risque Chine. Business enterprises fast Construction industry fast Corporate debt fast Financial risk management fast Government business enterprises fast Interest rates fast |
| subject_GND | http://id.loc.gov/authorities/subjects/sh2007102251 |
| title | Assessing China's corporate sector vulnerabilities / |
| title_auth | Assessing China's corporate sector vulnerabilities / |
| title_exact_search | Assessing China's corporate sector vulnerabilities / |
| title_full | Assessing China's corporate sector vulnerabilities / prepared by Mali Chivakul and W. Raphael Lam. |
| title_fullStr | Assessing China's corporate sector vulnerabilities / prepared by Mali Chivakul and W. Raphael Lam. |
| title_full_unstemmed | Assessing China's corporate sector vulnerabilities / prepared by Mali Chivakul and W. Raphael Lam. |
| title_short | Assessing China's corporate sector vulnerabilities / |
| title_sort | assessing china s corporate sector vulnerabilities |
| topic | Business enterprises China. http://id.loc.gov/authorities/subjects/sh2007102251 Corporate debt China. Government business enterprises China. Construction industry China. Interest rates China. Financial risk management China. Entreprises Chine. Sociétés Dettes Chine. Entreprises publiques Chine. Construction Industrie Chine. Taux d'intérêt Chine. Finances Gestion du risque Chine. Business enterprises fast Construction industry fast Corporate debt fast Financial risk management fast Government business enterprises fast Interest rates fast |
| topic_facet | Business enterprises China. Corporate debt China. Government business enterprises China. Construction industry China. Interest rates China. Financial risk management China. Entreprises Chine. Sociétés Dettes Chine. Entreprises publiques Chine. Construction Industrie Chine. Taux d'intérêt Chine. Finances Gestion du risque Chine. Business enterprises Construction industry Corporate debt Financial risk management Government business enterprises Interest rates China |
| url | https://search.ebscohost.com/login.aspx?direct=true&scope=site&db=nlebk&AN=1255585 |
| work_keys_str_mv | AT chivakulmali assessingchinascorporatesectorvulnerabilities AT lamwraphael assessingchinascorporatesectorvulnerabilities AT internationalmonetaryfundasiaandpacificdepartment assessingchinascorporatesectorvulnerabilities |