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Assessing China's Corporate Sector Vulnerabilities

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by Mali Chivakul & Raphael W. Lam
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Assessing China's Corporate Sector Vulnerabilities by Mali Chivakul & Raphael W. Lam

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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Ebook Details
Pages: 28
Size: 1.6 MB
Publisher: INTERNATIONAL MONETARY FUND
Date published:   2015
ISBN: 9781484309056 (DRM-EPUB)

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This product is listed in the following categories:

Nonfiction > Business & Economics > Economics
Nonfiction > Business & Economics > International > Economics
Nonfiction > Business & Economics > Economics > Macroeconomics

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Nonfiction > Business & Economics
Nonfiction > Business & Economics > International
Nonfiction > Business & Economics > Finance
Nonfiction > Social Science > Demography
Nonfiction > Business & Economics > Economics
Nonfiction > Business & Economics > International > Economics
Nonfiction > Business & Economics > Economics > Macroeconomics
Nonfiction > Business & Economics > Banks & Banking

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01/23/2017
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