The Influences of Ownership Structure: evidence from China

doi:10.1353/jda.2011.0003

淡江大學機構典藏 > 商管學院 > 財務金融學系暨研究所 > 期刊論文 > Item 987654321/92693

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題名:	The Influences of Ownership Structure: evidence from China
作者:	Huang, Bor-Yi;Lin, Cho-Min;Huang, Chien-Ming
貢獻者:	淡江大學國際企業學系
關鍵詞:	Financial leverage;Capital structure;Credit risk;Long term debt;Business entities;Debt financing;Business risks;Standard deviation;Investors;Investment management companies
日期:	2011-10
上傳時間:	2013-10-22 10:26:09 (UTC+8)
出版者:	College of Business, Tennessee State University
摘要:	This paper examines that the impact of firm-specific characteristic on firm capital structure in Chinese-listed companies and attempts to solve a few puzzles existing in previous related studies. The key factors include state ownership, institutional ownership, and the risk of default. From the analyses of all samples, our results confirm that the expected default risk is important in explaining debt decision, but the influence of ownership structure is not significant. However, after separating high- and low-level from the firm leverage we find that the ownerships of state and institutions have a positive effect on corporate leverage in high-leveraged companies but not in low-leveraged firms. In addition, the positive impacts of external governance commonly occur in large firms. The observed findings provide some important implications for the role of external governance in Chinese-listed companies.
關聯:	The Journal of Developing Areas 45(1), p.209-227
DOI:	10.1353/jda.2011.0003
顯示於類別:	[財務金融學系暨研究所] 期刊論文

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