An Empirical Study of the Effect of Financial Structure on Firms Financing Constraints

摘要：

Based on the data of the 20 countries listed manufacturing companies as the research object, by constructing indicators describing the financial structure we lead the macro factors into the micro issues of corporate finance. In this paper, we choose the size of the company and the interest coverage ratio for the financing constraints as categorical variables, and study the effect of a countrys financial structure on corporate financing constraints indepth. The empirical results show that the higher the level of development of financial structure, generally the smaller companies are financing constraints.

关键词： financial structure financing constraints financial development cash -cash flow sensitivity

作者: CHENG Liwei YAN dan

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 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: 64-70

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）