The Influence of Debt Financing Structure on Corporate Financial Risk
DOI:
https://doi.org/10.54097/5pt49b76Keywords:
Debt Financing Structure, Corporate Financial Risk, Industry Characteristics, Fixed Effects Model.Abstract
The consistent increase in corporate leverage ratios in China has raised concerns about systemic risks. Using A-share non-financial listed companies from 2015 to 2024 as a sample, this paper empirically examines the impact of debt financing structure on corporate financial risk and its variation across industries. The study finds that: First, debt financing structure is positively correlated with corporate financial risk, meaning an increase in the debt financing ratio significantly exacerbates corporate financial risk; Second, compared to asset-heavy industries, the positive impact of the debt financing structure on corporate financial risk is more pronounced in asset-light industries. This research provides a theoretical basis for differentiated corporate leverage control policies.
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