Ultimate Controlling Shareholder Attribute, Debt-financing Manner & Investment Ezpenditure--With the Data of Chinese Listed Companies from Year 2002 to 2006
From the debt-financing manner, this paper analyzes the effect of different debt-financing manners on investment expenditure and whether the effect will differ because of the ownership attribute and the administrative government attribute of ultimate controlling shareholder. With the data of Chinese Listed Companies from year 2002 to 2006, empirical research discovers that different debt-financing manners have different effects on investment expenditure, and the effect of bank loan on investment expenditure is stronger in non state-owned companies, whereas the effect of business credit on investment expenditure is stronger in state-owned companies. In both central and local government controlled companies, there are no distinct differences between the constraining effect of bank loan and business credit on investment expenditure.
Ultimate controlling shareholder Debt-financing manner Investment ezpenditure
MEI Dan ZHAO Jianfeng
School of Business, Nankai University, Tianjin, China, 300071
国际会议
The 5th International Sympsium for Corporate Governance(第五届公司治理国际研讨会)
天津
英文
780-787
2009-09-01（万方平台首次上网日期，不代表论文的发表时间）