Capital Structure Choice in a Nascent Market: Evidence from Listed Firms in China
研究1992至2001年中国上市公司的资本结构决策，发现企业长期债务少，且与规模、有形资产正相关，与盈利能力和增长机会负相关，行业因素重要但股市发展未影响债务比率。
We study the capital structure decisions of listed firms in China between 1992 and 2001. The Chinese market exhibits high information asymmetry, phenomenal growth, highly concentrated ownership, and a lack of external market for corporate control. We find that Chinese firms use little long‐term debt, which is positively (negatively) related to firm size and tangibility (profitability and growth options). These results are robust to the degree of seasoning after the initial public offering and private versus State ownership. Although industry membership is important, the development and growth of the stock market did not affect the long‐term debt ratios over the years.