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Title: Determinants of capital structure in Chinese listed companies
Authors: Yu, Jiayun 
Issue Date: 2020
Abstract: This paper discusses the characteristics of capital structure and examines the determinants of it. The sample includes 3506 Chinese listed companies except for financial companies during the period of 2006-2016, by using multivariate regression analysis in a panel data framework. The result shows that leverage increases with firm size and decreases with profitability. Growth opportunity is related to current liability ratio and total debt-to-asset ratio. However, the impact of growth opportunity on noncurrent liability ratio is not significant. Tangibility is related to short-term debt and long-term debt, but no significant relationship between tangibility and total debt exists. Chinese firms prefer to finance short-term debt. The pecking order theory can explain the result to some extent.
Appears in Collections:Theses and Dissertations

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