Abstract
ABSTRACT This study adopts the nonlinear time-varying factor model and the Mann–Kendall non-parametric rank-sequence test to assess the convergence of non-financial listed companies’ debt leverage in China from 1998 to 2017. The results indicate that there is no overall convergence in the debt leverage of non-financial listed companies in China; however, most companies’ debt leverage converges by ratio within different clubs. In addition, the study reveals the heterogeneous characteristics, formation mechanism, and dynamic evolution of corporate leverage convergence, and provides new empirical evidence for “deleveraging” policies and new perspectives for corporate leverage research.
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