Empirical Study of the Relationship Between Financial Development,Financial Structure and Capital Structure of Listed Firms in China

摘要：

While controlling joint endogeneity and unobserved company characteristic in panel data model, the papers study empirically the relationship between financial development, financial structure and capital structure of listed firms in China. The results show that the size and activity of the bank and the size of stock market have a significant positive effect on the capital structure of listed firms, but the change of financial structure has a significant negative correlation with the capital structure of listed firms in China. Furthermore, this paper finds no evidence that the relationship between the activity of stock market and the capital structure of listed firms is highly significant in China.

关键词： Financial Structure Capital Structure Financial Development

作者: HUANG Bingyi LI Jing

作者单位: Center for Accounting Studies of Xiamen University, China, 361005 Department of Accounting, School o Department of Accounting, School of Management, Xiamen University, China, 361005

会议类型: 国际会议

会议名称: The 5th International Sympsium for Corporate Governance(第五届公司治理国际研讨会)

会议地点: 天津

会议语种:英文

页码: 445-453

在线出版日期: 2009-09-01（万方平台首次上网日期，不代表论文的发表时间）