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|c 5.00 USD
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|z 9781484308783
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|a 1018-5941
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|a Chivakul, Mali.
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|a Assessing China's Corporate Sector Vulnerabilities /
|c Mali Chivakul, Waikei Lam.
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|a Washington, D.C. :
|b International Monetary Fund,
|c 2015.
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|a 1 online resource (28 pages)
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|a IMF Working Papers
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|a <strong>Off-Campus Access:</strong> No User ID or Password Required
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|a <strong>On-Campus Access:</strong> No User ID or Password Required
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|a Electronic access restricted to authorized BRAC University faculty, staff and students
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|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.
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|a Mode of access: Internet
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|a Lam, Waikei.
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|a IMF Working Papers; Working Paper ;
|v No. 2015/072
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| 856 |
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|z Full text available on IMF
|u http://elibrary.imf.org/view/journals/001/2015/072/001.2015.issue-072-en.xml
|z IMF e-Library
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