Chinese Listed Companies Capital Structure Influencing Factors
Capital structure theory is always one of the most controversial finance topics. Myers in the capital structure puzzle in an article said, how companies choose their capital structure? We do not know we know little about the capital structure, we do not know how companies choose to issue bonds, stocks or mixed securities.
Chinese Listed Companies Capital Structure Puzzle more confusing. Chinese listed companies there is a special system environment. For example, more unique ownership structure, legal investor protection is not perfect, the uneven development of capital markets, corporate governance mechanisms defects. So, exactly what factors affect the capital structure of Chinese listed companies choose? Western capital structure theory whether financing behavior of listed companies inChinacan explain? System of how the environment through the companys capital structure characteristic factors affecting choice? Macroeconomic factors, industry factors are significantly affected choice of capital structure? sort of problems, pending theoretical analysis and empirical test.
Throughout the literature, domestic scholars Chinese Listed Companies Capital Structure Factors Influencing the following problems: 1 research methods, most researchers use a simple cross-sectional snapshot of the framework of the static regression techniques, and the nature of the capital structure is dynamic and should therefore be carried out within the framework of a dynamic analysis; 2 does not control the time characteristic factors, such as interest rates and inflation may be observable or unobservable macroeconomic factors; 3 no control unobservable firm characteristics factors such as management’s ability, motivation and attitude toward risk; 4 the lack of corporate governance structure affect capital structure choice theory and empirical analysis, such as ownership structure, board characteristics, CEO tenure and the market for corporate control, etc. ; 5 the lack of Chinese Listed Companies Capital Structure institutional context of in-depth study.
Therefore, this article focuses on the capital structure of listed companies inChinainfluencing factors, and to explore the financing behavior of listed companies inChinaor preferences.
First, build two way effect dynamic adjustment model Two way effects dynamic adjustment model, the control time effects and unobservable characteristics of corporate identity effect, for the first time from a dynamic perspective of company size, composition of assets, non debt tax shield, the effective tax rate, growth opportunities, liquidity, product uniqueness, financial distress costs and ability to generate internal resources such as corporate identity factors affect Chinese listed companies capital structure choices. Second, using factor analysis model of governance structure of listed companies in Chinas influence on the choice of capital structure, such as the ownership structure, board characteristics, CEO tenure and corporate control markets.
Paper is divided into eight chapters. Chapter Introduction. Discusses the research background and significance, the main contents and framework, theoretical foundation and research methods, improvement and innovation as well as related definitions of terms. Chinese Listed Companies Capital Structure Influencing Factors – theory and evidence Chapter Capital Structure Theory. Focuses on the static trade off theory, agency theory, asymmetric information theory, theory of corporate control, market timing theory of capital structure theory’s main point for the analysis of Chinese listed companies capital structure factors provide a theoretical basis.
Capital Structure Chapter Empirical Literature Review. Domestic and international factors affecting capital structure empirical studies were reviewed to evaluate the existing literature the problems and inadequacies, master research trends, and to provide the basis for the definition of the relevant variables. Chapter IV Capital Structure of Chinese Listed Companies institutional background analysis. Capital Structure of Chinese Listed Companies institutional background for analysis in order to explain the capital structure of listed companies in China choose to provide realistic background and theoretical basis, help us understand factors affecting capital structure behind the institutional context.
Chapter Capital Structure Analysis of Chinese listed. The capital structure of listed companies in Chinas overall characteristics are analyzed, and with other countries to compare companys capital structure. Mainly from the average balance sheet and financing structure trends, financing and other aspects of behavior and industry characteristics were analyzed in order to Chinas financial behavior of listed companies to have a general understanding and grasp. Chapter VI characteristic factors affecting choice of capital structure theory and empirical analysis. Theoretical model based on capital structure, capital structure choice influencing factors, firm characteristics including company size, composition of assets, non debt tax shield, the effective tax rate, growth, liquidity, product uniqueness and ability to generate internal resources, etc. theoretical analysis, dynamic adjustment model to build two way effect, the use of non-financial listed companies in China panel data, from a dynamic perspective of Chinese listed companies capital structure choices.
Chinese Listed Companies Capital Structure Influencing Factors
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