Cash Flow Right and Debt Maturity Decision —Evidence from China’s Listed Family Companies

摘要：

Current research confirms the existence of ultimate shareholders, and this paper examines the relationship between ultimate shareholder control and debt maturity decision by using the panel date of 303 listed family companies from 2007 to 2009 in China. The result shows: as the separation of the controlling right and cash flow right increases, the firms prefer to adopt debt financing so as to expand the size of controlling resources; what’s more, these companies tend to increase the longterm debt, because the short-term debt, owing to the external supervision effectiveness, limits the ultimate shareholders to get access to gain private benefits.

关键词： ultimate control cash flow right debt maturity

作者: ZHOU Ying LIU Jianhua

作者单位: Faculty of Management and Economics, Dalian University of Technology, Dalian, China, 116024

会议类型: 国际会议

会议名称: The 4th (2012) International Conference on Financial Risk and Corporate Finance Management(第四届(2012)金融风险与公司金融国际研讨会 FRCFM)

会议地点: 大连

会议语种:英文

页码: 104-109

在线出版日期: 2012-07-07（万方平台首次上网日期，不代表论文的发表时间）