An Empirical Research on the Adjustment Approach of Capital Structure in Chinese Listed Companies

被引:0
|
作者
Huang Hui [1 ]
机构
[1] Chongqing Technol & Business Univ, Sch Accounting, Chongqing 400067, Peoples R China
关键词
capital structure; adjustment approach choice; financing methods; company characteristic; chinese listed companies; DETERMINANTS;
D O I
暂无
中图分类号
TP39 [计算机的应用];
学科分类号
081203 ; 0835 ;
摘要
The choice of the adjustment approach of capital structure is the result considering company characteristics and outside environment. According to the balance sheet we discussed five kinds of adjustment approaches of mercantile credit, short-term debt, long-term debt, stock issuing and retained earning, and empirically analyzed some factors affecting these adjustment approaches based on the panel data of 866 non-financial listed companies in China from 2002 to 2005. The regression results show the asset tangibility, profitability, growth, credit, state-owned holding and government intervention are significant related to the above adjustment approaches respectively. In the light of these empirical results, we can obtain some methods to optimize the financing structure and improve the firm value.
引用
收藏
页码:1296 / 1302
页数:7
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