Corporate Financial Structure and Output Fluctuations: An Empirical Analysis of Chinese Listed Companies under the US Subprime Mortgage Crisis

摘要：

This paper combines latest research achievements of financial structure and financial crisis, with the use of Chinese listed companies data from 2007 to 2008, and examines the impact of companies different financial structure, especially the debt structure on their output during the subprime mortgage crisis by empirical study. The empirical results reveal that the change in output growth has remarkably negative correlation with debt to equity ratio and bank lending to debt ratio under the crisis. The crisis amplification through the credit channels has a much larger negative impact on output growth than the balance sheets effect. During the crisis period, there is a significantly positive correlation between the open market debt ratio of total debt and the variable in output growth ratio.

关键词： subprime mortgage crisis financial structure output fluctuation

作者: Chao-wu WAN Bin GUO

作者单位: School of Management and Economics,University of Electronic Science and Technology of China,Chengdu,China

会议类型: 国际会议

会议名称: 2010 IEEE 17th International Conference on Industrial Engineering and Engineering Management(2010年IEEE第17届工业工程与工程管理国际学术会议)

会议地点: 厦门

会议语种:英文

页码: 1028-1031

在线出版日期: 2010-10-29（万方平台首次上网日期，不代表论文的发表时间）