THE DETERMINANTS OF CAPITAL STRUCTURE IN CHINESE LISTED COMPANIES

Mou Wang

15 citations0/0 files storedUUM Electronic Theses and Dissertation [eTheses] (Northern University of Malaysia)

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Corporate Finance and Governance Financial Analysis and Corporate Governance Working Capital and Financial Performance

Abstract

This paper attempts to investigate the determinants of the capital structure of a sample of 1456 listed companies on the Hong Kong Stock Exchange from 2005 to 2010. However, 226 companies have to be excluded from the analysis because the data is not complete. This study uses 1230 companies to make the investigation to determine the capital structure of Chinese listed companies. The relationship between size, profitability, liquidity, growth opportunity, asset structure, business risk and tax shield with leverage are highlighted. The findings show that size, profitability, business risk and tax shield are highly significant at 1% level in determining the capital structure while liquidity is significant at 10% level. However, growth opportunity and asset structure are not significant determinants of capital structure in China.

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References

1976Theory of the firm: Managerial behavior, agency costs and ownership structure 1977Determinants of corporate borrowing 1996Agency costs of free cash flow, corporate finance, and takeovers 1984The Capital Structure Puzzle 1984Corporate Financing and Investment Decisions When Firms Have InformationThat Investors Do Not Have 1963CORPORATE INCOME TAXES AND THE COST OF CAPITAL: A CORRECTION 1994The Benefits of Lending Relationships: Evidence from Small Business Data 1991The Theory of Capital Structure

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