2013年外文翻译--中国企业债务的选择国有制的作用（节选）

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1、3700 英文单词， 2 万英文字符 ，中文 6350 字 文献出处： Pessarossi P, Weill L. Choice of corporate debt in China: The role of state ownershipJ. China Economic Review, 2013, 26(9):1-16. Choice of corporate debt in China: The role of state ownership Pierre PESSAROSSI , Laurent WEILL Abstract We analyze the factors affect

2、ing the decisions of Chinese firms to take on debt in the form of either bonds or syndicated loans over the period of 20062010. The study reveals the extent to which corporate debt choices are politically or economically driven. We test if central government ownership, flotation costs, asymmetries o

3、f information, and renegotiation and liquidation costs influence the choice of debt. We find evidence in favor of the influence of central government ownership on the financing choices of firms because Central State owned firms are more likely to issue bonds and to borrow uniquely on the bond market

4、, rather than tapping both debt markets. Overall, our findings show that financial factors play a much more minor role in corporate debt choices compared to other countries, whereas central government ownership is a key determinant of preference for the bond market. Keywords: Corporate bonds; Syndic

5、ated loans; Debt choice; China; State ownership 1. Introduction The Chinese financial system is characterized by a weak, albeit fast-growing, corporate bond market and an over-dominant banking industry.1 As Chinese banks have proven to be poorly efficient (Berger, Hasan, & Zhou, 2009) mainly because

6、 of a lack of experience in risk management and severe political influence in lending decisions (Yeung, 2009) capital allocation remains biased towards inefficient state-owned companies in China. In the long run, this misallocation of capital threatens the development of the country. A competitive corporate bond market should alleviate such concerns by providing benchmarks in risk pricing and putting pressure on banks to attract other types of borrowers, such as small and medium enterpr