The Research of the Nonlinear Relationship between Institutional Ownership and Capital Structure

摘要：

Institutional investors impacting the capital structure of listed companies is an indisputable fact. However, previous studies using the linear method come to different conclusions. In this paper, using the 2006-2008 A-share listed data of China we find that: in current and lagged one year, the relationship between institutional ownership and capital structure of listed companies are non-linear and a reversed N-type. Institutional investors impact the capital structure both in the current and lagged year with a reversed N-type relationship. The study of institutional investors unified the differences in other researches, and helps to know the real relationship between institutional ownership and the capital structure.

作者: Zheng Ai Hua Yao Yuan Zhang Na

作者单位: School of Management China University of Mining and Technology Xu Zhou, China

会议类型: 国际会议

会议名称: International Conference on Management and Service Science(2011年第五届管理与服务科学国际会议 MASS 2011)

会议地点: 武汉

会议语种:英文

页码: 1-4

在线出版日期: 2011-08-12（万方平台首次上网日期，不代表论文的发表时间）