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