The study looked at 22 companies in Shanxi Province to figure out what influences how they raise money. They found that companies change how much debt they use based on their ability to pay debts and how big the company is. Surprisingly, factors like how fast a company is growing and how much money it makes didn't really impact how they choose their funding. The researchers suggest some ideas to improve how companies in Shanxi get money and how they structure their finances for the best results.