The Influences of Ownership Structure: evidence from China
學年 100
學期 1
出版（發表）日期 2011-10-01
作品名稱 The Influences of Ownership Structure: evidence from China
作品名稱（其他語言）
著者 Huang, Bor-Yi; Lin, Cho-Min; Huang, Chien-Ming
單位 淡江大學國際企業學系
出版者 Nashville: Journal of Developing Areas
著錄名稱、卷期、頁數 The Journal of Developing Areas 45(1), p.209-227
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.
關鍵字 Financial leverage;Capital structure;Credit risk;Long term debt;Business entities;Debt financing;Business risks;Standard deviation;Investors;Investment management companies
語言 en
ISSN 0022-037X; 1548-2278
期刊性質 國外
收錄於
產學合作
通訊作者
審稿制度 是
國別 USA
公開徵稿
出版型式 ,電子版,紙本
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