Regional disparity of institutional environment on capital structure and speed of adjustment: empirical evidence from China

摘要：

　　This paper examines the capital structure adjustment and the influencing factors by constructing dynamic panel model and using generalized method of moments (GMM) estimation based on the financial data of the non-financial listed firms from 1999 to 2011.The findings indicate that capital structure is not only affected by company factors and macroeconomic factors but also influenced by environmental factors.There are regional differences on the various factors impact on capital structure and the capital structure adjustment speed.Faster adjustment region is distributed throughout eastern coasts and midland of China as a ribbon pattern.

关键词： capital structure dynamic adjustment regional disparity institutional environment

作者: ZHANG Min ZHANG Xia

作者单位: School of Business, Dalian Minzu University, Dalian, China, 116600 United Laboratory of Humanities and Social Sciences, Dalian University of Technology, Dalian,China,

会议类型: 国际会议

会议名称: The 9th (2017)International Conference on Financial Risk and Corporate Finance Management(第九届(2017)金融风险与公司金融国际研讨会)

会议地点: 日本

会议语种:英文

页码: 240-245

在线出版日期: 2017-07-01（万方平台首次上网日期，不代表论文的发表时间）