The effect of ownership structure on leverage decision: new evidence from Chinese listed firms

doi:10.1080/13547860.2011.564755

CORC > 上海财经大学 > 上海财经大学

	The effect of ownership structure on leverage decision: new evidence from Chinese listed firms
	Liu, Qigui 1,2; Tian, Gary 1; Wang, Xiaoming 3
刊名	JOURNAL OF THE ASIA PACIFIC ECONOMY
	2011
卷号	16 期号:2 页码:254-276
关键词	capital structure ownership structure state ownership largest shareholding regional institutional development
ISSN号	1354-7860
DOI	10.1080/13547860.2011.564755
英文摘要	This paper examines the effect of state control and ownership structure on the leverage decision of firms listed in the Chinese stock market. Our results show that state-owned enterprises (SOEs) have higher leverage ratios than non-SOEs, and SOEs in regions with a poorer institutional environment have higher leverage ratios than SOEs in better regions. We also show that the largest shareholding (the percentage of shares held by the largest shareholder) in the SOEs has a negative relationship with the leverage ratio, while the largest shareholding in non-SOEs has a non-linear relationship with the short-term and long-term debt ratios. Finally, this study also shows that the share split reform and the improvement of institutional environment both weaken the negative relationship and strengthen the positive relationship between largest shareholding and leverage of SOEs and non-SOEs to some extent. This paper documents how the financing behaviour of SOEs is more influenced by government intervention, while the financing behaviour of non-SOEs is more market oriented.
WOS研究方向	Business & Economics
语种	英语
出版者	ROUTLEDGE JOURNALS, TAYLOR & FRANCIS LTD
WOS记录号	WOS:000290407600009
内容类型	期刊论文
源URL	[http://10.2.47.112/handle/2XS4QKH4/2325]
专题	上海财经大学
通讯作者	Tian, Gary
作者单位	1.Univ Wollongong, Sch Accounting & Finance, Wollongong, NSW, Australia; 2.Northeastern Univ, Sch Business Adm, Shenyang, Peoples R China; 3.Shanghai Univ Finance & Econ, Inst Econ & Finance, Shanghai, Peoples R China
推荐引用方式 GB/T 7714	Liu, Qigui,Tian, Gary,Wang, Xiaoming. The effect of ownership structure on leverage decision: new evidence from Chinese listed firms[J]. JOURNAL OF THE ASIA PACIFIC ECONOMY,2011,16(2):254-276.
APA	Liu, Qigui,Tian, Gary,&Wang, Xiaoming.(2011).The effect of ownership structure on leverage decision: new evidence from Chinese listed firms.JOURNAL OF THE ASIA PACIFIC ECONOMY,16(2),254-276.
MLA	Liu, Qigui,et al."The effect of ownership structure on leverage decision: new evidence from Chinese listed firms".JOURNAL OF THE ASIA PACIFIC ECONOMY 16.2(2011):254-276.