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Download or read book The Determinants of Corporate Capital Structure, Evidence from Listed Companies in China written by and published by . This book was released on 1999 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Determinants of Capital Structure written by and published by . This book was released on 2002 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Sunitha Vijayakumaran
Publisher :
ISBN 13 :
Total Pages : 19 pages
Book Rating : 4.:/5 (13 download)
Download or read book The Determinants of Capital Structure Decisions written by Sunitha Vijayakumaran and published by . This book was released on 2019 with total page 19 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this paper, we examine the determinants of leverage in the context of China using a sample of 1844 Chinese non-financial firms over the period 2003 to 2010. This study shows that the average leverage ratio of Chinese listed firms is similar to those observed in other developing countries. The study also finds that size, tangibility, volatility and firm age are positively and significantly associated with leverage. Firm's profitability has statistically significant negative impact on leverage. Furthermore, we find that firm size, profitability, tangibility, volatility and firm age are the robust determinants of leverage of Chinese listed firms.
Author : Gensheng Shen
Publisher :
ISBN 13 : 9787509510681
Total Pages : 0 pages
Book Rating : 4.5/5 (16 download)
Download or read book The Determinants of Capital Structure in Chinese Listed Companies written by Gensheng Shen and published by . This book was released on 2008 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: "A panel data set of 1,098 Chinese listed companies for the period of 1991 to 2000 was collected from published sources, and conventional and innovative econometric methodologies were used to model a range of relationships between capital structure and its financial and non-financial determinants."--p.1.
Author : Le Cao
Publisher :
ISBN 13 :
Total Pages : 52 pages
Book Rating : 4.:/5 (953 download)
Download or read book Determinants of Capital Structure written by Le Cao and published by . This book was released on 2011 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Jian Chen
Publisher : Psychology Press
ISBN 13 : 0415345138
Total Pages : 192 pages
Book Rating : 4.4/5 (153 download)
Download or read book Corporate Governance in China written by Jian Chen and published by Psychology Press. This book was released on 2005 with total page 192 pages. Available in PDF, EPUB and Kindle. Book excerpt: The nature of corporate governance is a key determinant of corporate performance and, therefore, of a country's overall economic power. This title examines key questions relating to corporate governance in China, exploring differences between private and state-owned companies.
Author : Benno Ferrarini
Publisher :
ISBN 13 :
Total Pages : 33 pages
Book Rating : 4.:/5 (13 download)
Download or read book Leverage and Capital Structure Determinants of Chinese Listed Companies written by Benno Ferrarini and published by . This book was released on 2017 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt: Total debt in the People's Republic of China has increased significantly in recent years, mostly on account of nonfinancial corporate debt. Earning and the financial performance of corporate firms have weakened, and so has the asset quality of the financial sector. This paper assesses the financial fragility of the Chinese economy by looking at risk factors in the nonfinancial sector. We apply quantile regressions to a rich dataset of Chinese listed companies contained in Standard & Poor's IQ Capital database. We find higher sensitivity over time of corporate leverage to some of its key determinants, particularly for firms at the upper margin of the distribution. In particular, profitability increasingly acts as a curb on corporate leverage. At a time of falling profitability across the Chinese nonfinancial corporate sector, this eases the brake on leverage and may contribute to its continuing increase.
Author : Thian Lim
Publisher :
ISBN 13 :
Total Pages : 11 pages
Book Rating : 4.:/5 (13 download)
Download or read book Capital Structure of Real Estate Firms in Chinese Stock Market written by Thian Lim and published by . This book was released on 2015 with total page 11 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper investigates the determinants of capital structure of real estate firms in China. An empirical study on determinants of capital structure of real estate in Chinese listed firms is conducted using a relatively regression of accounting data for 44 A-share financial listed companies over the quarter from 2008 to the third quarter of 2011. First, this paper identifies that the pecking order theory in China is different from western countries. Second, the results show that profitability, non-debt tax shields and liquidity are significant influence factors in financial sector, while others like size, growth, tangibility and non-circulating share should be judged by the size of the company. Moreover, firm size and non-circulating shares are almost positively related to the corporate leverage ratio. It is also found that Chinese institutional characteristic affects the capital choice decision and the largely state ownerships do affect capital structure choices.
Author : Guoqing Song
Publisher :
ISBN 13 :
Total Pages : 74 pages
Book Rating : 4.:/5 (156 download)
Download or read book New Evidence written by Guoqing Song and published by . This book was released on 2005 with total page 74 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Ting Zhang
Publisher :
ISBN 13 :
Total Pages : 88 pages
Book Rating : 4.:/5 (926 download)
Download or read book The Determinants of Capital Structure written by Ting Zhang and published by . This book was released on 2008 with total page 88 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Wang Mou
Publisher :
ISBN 13 :
Total Pages : 58 pages
Book Rating : 4.:/5 (953 download)
Download or read book The Determinants of Capital Structure in Chinese Listed Companies written by Wang Mou and published by . This book was released on 2011 with total page 58 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Yamini Agarwal
Publisher : John Wiley & Sons
ISBN 13 : 111820316X
Total Pages : 208 pages
Book Rating : 4.1/5 (182 download)
Download or read book Capital Structure Decisions written by Yamini Agarwal and published by John Wiley & Sons. This book was released on 2013-03-29 with total page 208 pages. Available in PDF, EPUB and Kindle. Book excerpt: Inside the risk management and corporate governance issues behind capital structure decisions Practical ways of determining capital structures have always been mysterious and riddled with risks and uncertainties. Dynamic paradigm shifts and the multi-dimensional operations of firms further complicate the situation. Financial leaders are under constant pressure to outdo their competitors, but how to do so is not always clear. Capital Structure Decisions offers an introduction to corporate finance, and provides valuable insights into the decision-making processes that face the CEOs and CFOs of organizations in dynamic multi-objective environments. Exploring the various models and techniques used to understand the capital structure of an organization, as well as the products and means available for financing these structures, the book covers how to develop a goal programming model to enable organization leaders to make better capital structure decisions. Incorporating international case studies to explain various financial models and to illustrate ways that capital structure choices determine their success, Capital Structure Decisions looks at existing models and the development of a new goal-programming model for capital structures that is capable of handling multiple objectives, with an emphasis throughout on mitigating risk. Helps financial leaders understand corporate finance and the decision-making processes involved in understanding and developing capital structure Includes case studies from around the world that explain key financial models Emphasizes ways to minimize risk when it comes to working with capital structures There are a number of criteria that financial leaders need to consider before making any major capital investment decision. Capital Structure Decisions analyzes the various risk management and corporate governance issues to be considered by any diligent CEO/CFO before approving a project.
Author : Zhang Guangli
Publisher :
ISBN 13 :
Total Pages : 41 pages
Book Rating : 4.:/5 (13 download)
Download or read book Economic Policy Uncertainty and Capital Structure Choice written by Zhang Guangli and published by . This book was released on 2016 with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper studies how economic policy uncertainty affects corporate capital structure for Chinese listed firms from 2003 to 2013. We show that when the degree of economic policy uncertainty increases, firms tend to lower their leverage ratios. However, firms that are from regions with lower degree of marketization, are state-owned or have prior bank-firm relationship mitigate the negative effect of policy uncertainty. Moreover, we provide consistent evidence that this negative effect sources from the deterioration of external financing environment. We also find that firms adjust their financing structure by using more trade credit when the economic policy uncertainty increases. Our results are robust to sample selection criteria, data frequency, model specifications and endogenetiy.
Author : Gordon Donaldson
Publisher : Beard Books
ISBN 13 : 9781587980343
Total Pages : 316 pages
Book Rating : 4.9/5 (83 download)
Download or read book Corporate Debt Capacity written by Gordon Donaldson and published by Beard Books. This book was released on 2000-07 with total page 316 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Yi Feng
Publisher :
ISBN 13 :
Total Pages : 35 pages
Book Rating : 4.:/5 (129 download)
Download or read book Corporate Governance, Ownership Structure and Capital Structure written by Yi Feng and published by . This book was released on 2020 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt: Purpose - This paper seeks to contribute to the existing capital structure and board structure literature by examining the relationship among corporate governance, ownership structure and capital structure.Design/methodology/approach - The paper employs a panel data of 595 firm-year observations from a unique and comprehensive data set of 119 Chinese real estate listed firms from 2014 to 2018. It uses fixed effect and random effect regression analysis techniques to examine the hypotheses.Findings - The results show that the board size, ownership concentration and firm size have positive influences on capital structure. State ownership and firm profitability have inverse influences on capital structure. Research limitations/ implications - The findings suggest that better-governed companies in the real estate sector tend to have better capital structure. These findings highlight the unique Chinese context and also offer regulators a strong incentive to pursue corporate governance reforms formally and jointly with ownership structure. Lastly, the results suggest investors the chance to shape detailed expectations about capital structure behavior in China. Future research could investigate capital structure using different arrangement, conducting face-to-face meetings with the firm's directors and shareholders. Practical implications- The findings offer support to corporate managers and investors in forming or /and expecting an optimal capital structure, and to policymakers and regulators for ratifying laws and developing institutional support to improve the effectiveness of corporate governance mechanisms.Originality / value - This paper extends, as well as contributes to the current capital structure and corporate governance literature, by proposing new evidence on the effect of board structure and ownership structure on capital structure. The results will help policymakers in different countries in estimating the sufficiency of the available corporate governance reforms to improve capital structure management.
Author : Vojislav Maksimovic
Publisher : World Bank Publications
ISBN 13 :
Total Pages : 77 pages
Book Rating : 4./5 ( download)
Download or read book formal versus informal finance: evidence from china written by Vojislav Maksimovic and published by World Bank Publications. This book was released on 2008 with total page 77 pages. Available in PDF, EPUB and Kindle. Book excerpt: Abstract: China is often mentioned as a counterexample to the findings in the finance and growth literature since, despite the weaknesses in its banking system, it is one of the fastest growing economies in the world. The fast growth of Chinese private sector firms is taken as evidence that it is alternative financing and governance mechanisms that support China's growth. This paper takes a closer look at firm financing patterns and growth using a database of 2,400 Chinese firms. The authors find that a relatively small percentage of firms in the sample utilize formal bank finance with a much greater reliance on informal sources. However, the results suggest that despite its weaknesses, financing from the formal financial system is associated with faster firm growth, whereas fund raising from alternative channels is not. Using a selection model, the authors find no evidence that these results arise because of the selection of firms that have access to the formal financial system. Although firms report bank corruption, there is no evidence that it significantly affects the allocation of credit or the performance of firms that receive the credit. The findings suggest that the role of reputation and relationship based financing and governance mechanisms in financing the fastest growing firms in China is likely to be overestimated.
Author : Ying Yang
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (969 download)
Download or read book A Study of Determinants of Capital Structure - Is Anything New for Listed Firms in China written by Ying Yang and published by . This book was released on 2013 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
