Pyramid Structure, Internal Capital Market and Financing Substitution--Empirical Analysis Based Listed Family Companies in China

摘要：

This paper adopts the scale of related party intern transaction to measure China listed family companies intem capital market. This paper samples 303 China listed family companies from 2007 to 2008 to test the substitution effects between bank deposit and internal capital markets. The findings demonstrate that the scale of intern capital market is negatively correlate with bank deposit. The complex of pyramid structure is positive correlate with the scale of intern capital market. The conclusion gives a reasonable explanation why most of family listed enterprises in China adopt pyramid structure based on the substitution effects of the internal capital market.

关键词： Pyramid structure Internal capital market Financing substitution Family companies

作者: ZHOU Ying LI Shuo

作者单位: School of Management, Dalian University of Technology, Dalian, China, 116024

会议类型: 国际会议

会议名称: The 3rd (2011) International Conference on Financial Risk and Corporate Finance Management(第三届(2011)金融风险与公司金融国际研讨会FRCFM 2011)

会议地点: 大连

会议语种:英文

页码: 44-48

在线出版日期: 2011-06-30（万方平台首次上网日期，不代表论文的发表时间）