摘要:纺织服装行业(TGI)是中国国民经济的传统支柱产业和重要的基本民生导向的产业。在过去的大约四年中,中国已经成功地发展到世界上最大的国家的生产,消费和出口的纺织和服装。
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Table 3.3: Financial Indexes for This Research 41
Table 3.4: Pearson Correlation Coefficient and Linear Correlation Degree 42
Table 4.1: Descriptive Analysis on Chinese TGI’s CS 44
Table 4.2: Chinese TGCs’ Distribution in Asset-Liability Ratio 45
Table 4.3: Descriptive Analysis on the Seven Factors 47
Table 4.4: Pearson Correlation Analysis Results 48
Table 4.5: Regression Model Summary 50
Table 4.6: Coefficients of the Regression Model 50
Table 4.7: Verification Results about Research Hypotheses 55
Table 5.1: Conclusions about Factors Affecting CS of Chinese TGI 58
Glossary
AMA Assets Management Ability
CS Capital Structure
CVA Collateral Value of Assets
DEA Data Envelopment Analysis
DPA Debt-Paying Ability
EBIT Earnings Before Interest &Tax
GRO Growth Opportunity
NBSC National Bureau of Statistics of the People’s Republic of China
NDTS Non-Debt Tax Shields
ROA Return on Assets
ROE Return on Equity
ROS Return on Sales
TGI Textile and Garment Industry
TGC Textile and Garment Company
TGCs Textile and Garment Companies
WACC Weighted Average Cost of Capital
Chapter One: Introduction介绍
1.1 Research Background
Textile and garment industry (TGI) is the traditional pillar industry of national economy as well as the important people's basic livelihood-oriented industry of China. In the past approximately four decades, China has successfully grown to the world’s largest country in terms of producing, consuming and exporting textile and garment. In 1978, China’s textile and garment export volume was only 2.4 billion US dollars. However, according to the report issued by National Bureau of Statistics of the People’s Republic of China (NBSC) in 2013, the figure has reached to 2549.2 billion US dollars in 2012, accounting for 14.1% the total annual export (detailed information are showed in the appendix B). TGI is the important industry for China to increase foreign exchange reserve. At the same time, because TGI provides a large amount of ancillary products for other industries, it plays an important role in promoting the coordinative development of relative industries. Xia (2012) had ever developed analysis on the data about China’s national input-output provided by NBSC, and found that the TGI is the eighth important industry in affecting Chinese national economy among the 41 industries. The development of TGI can effectively drive the development of relative industries, for instance agriculture industry, transportation industry, construction industry, health industry, petrochemical industry, machinery industry, logistics industry and trade industry. Except for meeting the demands of foreign markets, TGI also plays a very important role in satisfying the consumption demands of Chinese domestic market and therefore enhancing national living standards. As the table 1.1 shows, the expenditure in clothing accounts for over 10% of the urban
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