ID 13153
JaLCDOI
Sort Key
1
Title Alternative
How Do Chinese Listed Corporations Determine Capital Structure
FullText URL
Author
Shi, Hongwei
Abstract
This paper investigates empirically how Chinese firms determine their debt equity ratios in recent 10 years. We use data abtained from the firms listed in the Shanghai Stock Exchange and Shenzhen Stock Exchange, and divide the sample into two periods, i.e., 1996−2000 and 2001−2005 to see if there is any change in the capital structure in these firms. Our results show that there exist effects of industry factors on the debt ratios of Chinese firms. However, the R−squared values are quite smaller than those in the USA and Japan. Our results also indicate that size, profitability, growth, non−tax effect and cash flow are important determinants of financing decisions in Chinese corporations, and in the period 2001−2005 growth becomes dominant factor, taking place of profitability in the period 1996−2000.
Publication Title
岡山大学経済学会雑誌
Published Date
2008-06-10
Volume
volume40
Issue
issue1
Publisher
岡山大学経済学会
Publisher Alternative
The economic association of okayama university
Start Page
1
End Page
30
ISSN
03863069
NCID
AN00032897
Content Type
Journal Article
Related Url
http://www.e.okayama-u.ac.jp/~shiryou/gakkaishi.htm
OAI-PMH Set
岡山大学
language
日本語
Copyright Holders
岡山大学経済学会
File Version
publisher
NAID
Eprints Journal Name
oer