Abstract
A lot of research has shown both theoretically and empirically the relationship of corporate leverage and economic growth. The accumulation of corporate debt is an important factor in the formation of financial risk, and is also an important indicator of financial stability. The change of China’s non-financial corporate leverage ratio has been largely in line with the change of the overall leverage ratio in the past two decades. The most significant change in the structure of financing instruments is the sustained fall of off-balance sheet financing (OBSF). The change of the structure of financing instruments signals an improvement of financing structure. The sustained rise of corporate bond financing is attractive to financial institutions. The debt-to-asset ratio of state-owned enterprises (SOEs) and private enterprises is stable, but the proportion of SOE debt has increased. The increase in debt has pressed more burden on non-financial corporations.
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