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Capital Structure Selection of Listed Companies in China: Theory and Empirical Analysis

Author: KongXiaoWen
Tutor: YunGuanPing
School: Jinan University
Course: Industrial Economics
Keywords: capital market listed companies in China capital structure selection theory and empirical analysis
CLC: F275
Type: PhD thesis
Year: 2005
Downloads: 2309
Quote: 7
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Abstract


China is progressing a transit from planned-economy to market-economy, the capital structure formulation of listed companies possesses a special system environment. Some problems and contradictions in terms of market stakeholder benefit gambling and company finance selection can be revealed by analyzing capital structure selection behavior characters of listed company, possessing a big significance in theory and practice for further developing capital market healthily, perfecting listed companies governance structure, and optimizing capital structure selection of listed companies.This paper is based on research ideas, such as theory research, empirical testing, and countermeasure suggestions. As a footstone of modern capital structure, MM theory has great influence on capital structure research for nearly half century. Based on MM theory research idea, capital structure selection model built by combining asymmetry information theory, contractual theory and industrial organizational theory makes it possible to extend research field in capital structure, and also let it get into a new phase of capital structure theory. Theory analysis suggests that corporate capital structure selection is closely correlated with agency cost, finance order, equity holding contest, industrial character, and company’s market strategy. These theories have been tested in practice to great extent in full market economy countries, providing great beneficial use for reference for listed companies capital structure in China.On the basis of theory analysis, a series of empirical analysis have been conducted in terms of listed companies capital structure of China. We found that China listed companies have preference in equity financing, indicating a very remarkable phenomena of binary capital structure compared with unlisted companies, listed companies stock investment focus, and unlisted companies debt investment focus. A multi regression analytical model has been built by means of China stock market research database (CSMAR), testing industry difference of corporate capital structure and determined factors of impacting capital structure selection by use of many kinds of methods, such as main factorial analysis. Empirical results suggest that there is a remarkable difference between different industry and capital structure, and there is a little difference in all kinds of capital structure of same industry, some factors, such as company size, profitability, business growth mobility, equity liquidity have little impact on corporate capital structure selection, testifying further that China capital market and China listed companies specific system arrangement have an important impact on capital structure selection.Finally, some countermeasures suggestions are proposed in optimizing listed companies structure selection, including strengthening system construction of capital market, formulating multi capital market system, modifying some restrained relations of listed corporation governance in order to improve capital structure, building an effective risk allocation system of market finance.

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CLC: > Economic > Economic planning and management > Enterprise economy > Corporate Financial Management
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