Ownership, corporate diversification and the endogeneity of capital structure of China’s listed firms
In this paper, based on the analysis of the determinants of capital structure of China’s listed firm from 1999 to 2003, we focus on the relationship between corporate diversification and capital structure. Our research shows that the ownership makes a significant impact on this relationship: diversification raises the leverage of State-Owned-Enterprises significantly, while it’s not the case for the non-State-Owned-Enterprises. The coinsurance effect can explain what happens in the SOEs, and we do not find any proof of the ineffectiveness of internal capital market in the non-State-Owned-Enterprises.
Ownership diversification capital structure endogeneity internal capital market
洪道麟 熊德华 刘力
北京大学光华管理学院金融系
国际会议
西安
英文
2006-07-17（万方平台首次上网日期，不代表论文的发表时间）