＜論説＞中国上場企業資本構成の決定要因についての考察

• 史 洪偉

• 張 星源

書誌事項

タイトル別名

• How Do Chinese Listed Corporations Determine Capital Structure
• チュウゴク ジョウジョウ キギョウ シホン コウセイ ノ ケッテイ ヨウイン ニ ツイテ ノ コウサツ

抄録

This paper investigates empirically how Chinese firms determine their debt equity ratios in recent 10 years. We use data abtained from the firms listed in the Shanghai Stock Exchange and Shenzhen Stock Exchange, and divide the sample into two periods, i.e., 1996−2000 and 2001−2005 to see if there is any change in the capital structure in these firms. Our results show that there exist effects of industry factors on the debt ratios of Chinese firms. However, the R−squared values are quite smaller than those in the USA and Japan. Our results also indicate that size, profitability, growth, non−tax effect and cash flow are important determinants of financing decisions in Chinese corporations, and in the period 2001−2005 growth becomes dominant factor, taking place of profitability in the period 1996−2000.

収録刊行物

• 岡山大学経済学会雑誌

  岡山大学経済学会雑誌 40 (1), 1-30, 2008-06-10

  岡山大学経済学会

詳細情報

• CRID: 1390009224553138816
• NII論文ID: 120002310479
• NII書誌ID: AN00032897
• ISSN: 03863069
• DOI: 10.18926/oer/13153
• NDL書誌ID: 9545050
• Web Site: https://ousar.lib.okayama-u.ac.jp/13153
• Web Site: https://ndlsearch.ndl.go.jp/books/R000000004-I9545050
• 本文言語コード: ja
• データソース種別:
  • JaLC
  • IRDB
  • NDL
  • CiNii Articles