Industry Classifications | sample size | estimated coefficient | The average leverage ratio of sample enterprises in each industry | ||
finstr | 2007 | 2014 | 2020 | ||
agriculture, forestry, animal husbandry, fisheries (A) | 583 | 0.0018 (0.0163) | 0.4328 | 0.3965 | 0.4124 |
mining industry (B) | 848 | −0.0043 (0.0059) | 0.4453 | 0.4374 | 0.4549 |
manufacturing industry (C) | 23070 | −0.0114*** (0.0025) | 0.4720 | 0.3788 | 0.3726 |
electricity, heat, gas and water production and supply industry (D) | 1192 | 0.0012 (0.0049) | 0.5230 | 0.5548 | 0.5540 |
building industry (E) | 946 | −0.0053 (0.0044) | 0.6850 | 0.6882 | 0.6372 |
wholesale and retail trade (F) | 1876 | 0.0001 (0.0053) | 0.5301 | 0.5321 | 0.4990 |
transport, storage and post industry (G) | 1130 | −0.0207** (0.0162) | 0.4083 | 0.4449 | 0.4346 |
software and information technology services industry (I) | 2468 | 0.0049** (0.0048) | 0.4047 | 0.2952 | 0.3388 |
real estate industry (K) | 1626 | −0.0022* (0.0044) | 0.5669 | 0.6405 | 0.6287 |
other services (H, L-R) | 2436 | −0.0023 (0.0054) | 0.4927 | 0.3953 | 0.4289 |