Effects of Stock Liquidity on Corporate Capital Structure: Evidence from China

摘要：

Existing capital structure theories have not taken into account the effect of equity market liquidity on firms financing decision.However, according to the liquidity asset pricing theory, stock market liquidity may influence the cost of equity capital and further the financing decision of listed companies.Based on various measurements of market liquidity and panel data analyses technology,this paper tests the effect of equity market liquidity on Chinas listed companies capital structure and its change, and finds that the previous periods stock liquidity has negative effect on the subsequent capital structure selection.

关键词： market liquidity capital structure the cost of capital external market environments.

作者: Yumei Feng Chunfeng Wang Zhenming Fang

作者单位: School of Finance and Banking Shandong finance university Jinan, China Financial Engineering Research Center Tianjin University Tianjin, China

会议类型: 国际会议

会议名称: 2007 Conference on Systems Science, Management Science and System Dynamics(第二届系统科学、管理科学与系统动力学国际会议)

会议地点: 上海

会议语种:英文

页码: 453-460

在线出版日期: 2007-10-19（万方平台首次上网日期，不代表论文的发表时间）