Effects of Information Asymmetry on Listed Companies Debt Financing: Evidence from China

摘要：

According to the pecking order theory, among the companys external financing channels, debt financing should be selected firstly. Based on financial market microstructure measuring method of information asymmetry and Fama- MacBeth regression technology, the study finds that Chinese listed companies ratio of debt increases with information asymmetry. When listed companies financial deficit is higher, the positive relationship between debt ratio and information asymmetry is significant.

关键词： information asymmetry financial deficit debt financing

作者: Feng Yumei Wang Chunfeng Fang Zhenming

作者单位: School of banking and finance Shandong Finance University 250014, Jinan, Shandong, China Financial Engineering Research Center Tianjin University 300072, Tianjin, China

会议类型: 国际会议

会议名称: 第三届IEEE无线通讯、网络技术暨移动计算国际会议

会议地点: 上海

会议语种:英文

在线出版日期: 2007-09-21（万方平台首次上网日期，不代表论文的发表时间）