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Article: The determinants of capital structure: Evidence from China

TitleThe determinants of capital structure: Evidence from China
Authors
KeywordsCapital Structure
China Capital Market
State Owned Enterprises
Tax Effect
Issue Date2006
PublisherElsevier BV. The Journal's web site is located at http://www.elsevier.com/locate/chieco
Citation
China Economic Review, 2006, v. 17 n. 1, p. 14-36 How to Cite?
AbstractThis paper employs a new database containing the market and accounting data (from 1994 to 2003) from more than 1200 Chinese-listed companies to document their capital structure characteristics. As in other countries, leverage in Chinese firms increases with firm size and fixed assets, and decreases with profitability, non-debt tax shields, growth opportunity, managerial shareholdings and correlates with industries. We also find that state ownership or institutional ownership has no significant impact on capital structure and Chinese companies consider tax effect in long-term debt financing. Different from those in other countries, Chinese firms tend to have much lower long-term debt. © 2005 Elsevier Inc. All rights reserved.
Persistent Identifierhttp://hdl.handle.net/10722/177734
ISSN
2015 Impact Factor: 1.116
2015 SCImago Journal Rankings: 0.997
ISI Accession Number ID
References

 

DC FieldValueLanguage
dc.contributor.authorHuang, Gen_US
dc.contributor.authorSong, FMen_US
dc.date.accessioned2012-12-19T09:39:44Z-
dc.date.available2012-12-19T09:39:44Z-
dc.date.issued2006en_US
dc.identifier.citationChina Economic Review, 2006, v. 17 n. 1, p. 14-36en_US
dc.identifier.issn1043-951Xen_US
dc.identifier.urihttp://hdl.handle.net/10722/177734-
dc.description.abstractThis paper employs a new database containing the market and accounting data (from 1994 to 2003) from more than 1200 Chinese-listed companies to document their capital structure characteristics. As in other countries, leverage in Chinese firms increases with firm size and fixed assets, and decreases with profitability, non-debt tax shields, growth opportunity, managerial shareholdings and correlates with industries. We also find that state ownership or institutional ownership has no significant impact on capital structure and Chinese companies consider tax effect in long-term debt financing. Different from those in other countries, Chinese firms tend to have much lower long-term debt. © 2005 Elsevier Inc. All rights reserved.en_US
dc.languageengen_US
dc.publisherElsevier BV. The Journal's web site is located at http://www.elsevier.com/locate/chiecoen_US
dc.relation.ispartofChina Economic Reviewen_US
dc.subjectCapital Structureen_US
dc.subjectChina Capital Marketen_US
dc.subjectState Owned Enterprisesen_US
dc.subjectTax Effecten_US
dc.titleThe determinants of capital structure: Evidence from Chinaen_US
dc.typeArticleen_US
dc.identifier.emailSong, FM: fmsong@hkucc.hku.hken_US
dc.identifier.authoritySong, FM=rp01095en_US
dc.description.naturelink_to_subscribed_fulltexten_US
dc.identifier.doi10.1016/j.chieco.2005.02.007en_US
dc.identifier.scopuseid_2-s2.0-33644600454en_US
dc.relation.referenceshttp://www.scopus.com/mlt/select.url?eid=2-s2.0-33644600454&selection=ref&src=s&origin=recordpageen_US
dc.identifier.volume17en_US
dc.identifier.issue1en_US
dc.identifier.spage14en_US
dc.identifier.epage36en_US
dc.identifier.isiWOS:000236437000002-
dc.publisher.placeNetherlandsen_US
dc.identifier.scopusauthoridHuang, G=12759935600en_US
dc.identifier.scopusauthoridSong, FM=7203075605en_US

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