Applicability of financial theories of capital structure to the Chinese cultural context: A study of privately owned SMEs
基于1539家中国中小企业数据，检验了资本结构的公司层面决定因素，发现公司规模和盈利能力与杠杆率的关系符合啄序理论，但资产结构与杠杆率的关系未得到支持，并讨论了其中国文化背景。
Using a new dataset of 1539 Chinese small and medium-sized enterprises this article investigates the firm-level determinants of capital structure and tests them against the predictions of financial theory. Firm size and profitability are both found to be related to leverage as posited by pecking-order theory. In contrast little support is found for the predicted relationship between asset structure and leverage. These findings are discussed in relationship to their Chinese cultural context. The managerial and policy implications of the research are then explored.