Analysis of Factors Influencing the Choice of Debt Refinancing Modes for Listed Public Utility Companies — A Case Study of Corporate Bonds

DOI

10.2991/978-94-6239-777-4_76How to use a DOI?

Keywords

public utilities; debt refinancing; corporate bonds

Abstract

This article is based on the A-share public utility listed companies in Shanghai and Shenzhen that have issued corporate bonds as research objects. Taking corporate bonds as an example, it deeply explores the specific influencing factors and mechanisms that affect public utility listed companies’ choice of debt-based refinancing. Taking 31 public utility companies listed in China that issued corporate bonds between 2008 and 2016 as the research subjects, this paper empirically examines the effects of specific factors influencing the issuance of corporate bonds by China’s listed public utility companies using a Logistic regression model. The empirical results show that the main factors influencing bond issuance by listed public utility companies are corporate growth and financial leverage, both of which have a significant negative impact on the probability of these companies using corporate bonds for refinancing.

Copyright

© 2026 The Author(s)

Open Access

Open Access This chapter is licensed under the terms of the Creative Commons Attribution-NonCommercial 4.0 International License (http://creativecommons.org/licenses/by-nc/4.0/), which permits any noncommercial use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license and indicate if changes were made.

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TY  - CONF
AU  - Siqi Xiang
PY  - 2026
DA  - 2026/09/30
TI  - Analysis of Factors Influencing the Choice of Debt Refinancing Modes for Listed Public Utility Companies — A Case Study of Corporate Bonds
BT  - Proceedings of the 2026 8th International Conference on Economic Management and Cultural Industry (ICEMCI 2026)
PB  - Atlantis Press
SP  - 741
EP  - 749
SN  - 2352-5428
UR  - https://doi.org/10.2991/978-94-6239-777-4_76
DO  - 10.2991/978-94-6239-777-4_76
ID  - Xiang2026
ER  -