The effect of ownership structure on leverage decision: new evidence from Chinese listed firms | |
Liu, Qigui1,2; Tian, Gary1; Wang, Xiaoming3 | |
刊名 | JOURNAL OF THE ASIA PACIFIC ECONOMY
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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. |
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