零杠杆现象演变趋势与公司财务特征

零杠杆现象在我国上市公司中普遍存在，零杠杆公司占比逐年增长。研究发现， IPO重启、股票市场层次以及行业效应有助于解释逐年递增的零杠杆趋势。从财务特征来看，零杠杆公司规模小、年龄小、非债务税盾大、成长机会大、资产有形性低、现金流充裕、盈利性高、留存收益多、资本支出少；同时，零杠杆公司普遍受到融资约束，这意味着融资难的局面尚未改善，中小企业自身以及外部资本市场需要继续努力。

The Evolution of Zero-leverage Trend and Firms'Financial Characteristics

Zero-leverage phenomenon is a common occurrence in the Chinese market , and the percentage of zero-leverage firms exhibits an increasing trend.This paper finds that the restart of IPO activities , the development of multi-level capital market as well as industry effects contribute to explaining the increasing prevalence.In terms of firms'financial characteristic , firms with lower total assets , younger age , higher non-debt tax shields , higher market-to-book ratio , lower tangibility , larger cash flows, higher profitability, higher retained earnings and lower capital expenditures are more likely to have zero debt .Ze-ro-leverage firms are mostly constrained in their debt capacity , implying that the financing situation of the small-and medium-sized enterprises is still severe , and that both the small-and medium-sized enterprises and the external market should make further efforts to improve the situation.