Abstract
The compilation of balance sheets of non-financial corporations has profound significance in identifying the risks of the non-financial corporate sector and analyzing inter-sectoral risk contagion.
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Notes
- 1.
The non-financial assets estimated by Jun et al. (2012) include fixed assets, inventories, intangible assets and business reputation. The scope non-financial assets estimated here is greater than the scope of estimate by Jun et al.
- 2.
In 2012, the liabilities to GDP ratio of non-financial corporations was 266%, higher than the ratio of outstanding balance of debt to GDP of 113% of non-financial corporations given in Sect. 6.2. This is mainly because “liabilities” and “debt” in the balance sheet are different concepts. According to the Public Sector Debt Statistics-Guide for Compilers and Users issued by IMF (2011), debt is liability presented in the form of debt instrument, so debt is only a portion of liability. The nonfinancial corporate debt given in Sect. 6.2 mainly includes loans from traditional sources, financial debt instruments (mainly including corporate bonds, short-term financing bonds, medium-term notes and corporate bonds etc.) and funds raised through credit intermediation activities outside the banking sector (mainly including trust loans, entrusted loans, banker’s acceptance bills and other forms), while the inter-corporate liabilities in non-financial corporate liabilities and some other financial liabilities (such as dividend payable and accrued expense, etc.) are not included in the debt, and the inter-corporate liabilities accounted for 44% of total liabilities in 2012, so the ratio of non-financial corporate liabilities to GDP is far higher than the ratio of nonfinancial corporate debt to GDP.
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© 2017 China Social Sciences Press and Springer Science+Business Media Singapore
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Li, Y., Zhang, X. (2017). Balance Sheets of Non-financial Corporations. In: China's National Balance Sheet. China Insights. Springer, Singapore. https://doi.org/10.1007/978-981-10-4385-7_9
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DOI: https://doi.org/10.1007/978-981-10-4385-7_9
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