Impact of split share structure reform on capital structures: empirical evidence from China's listed companies

被引：7
|
作者：
Zhang, Hong [1 ]
Gao, Shuai [1 ]
Yang, Fei [1 ]
机构：
[1] Tsinghua Univ, Hang Lung Ctr Real Estate, Beijing 100084, Peoples R China
来源：
APPLIED ECONOMICS | 2016年 / 48卷 / 13期
基金：
中国国家自然科学基金;
关键词：
Capital structure; split share structure reform; listed companies; China; C33; C51; O53; MACROECONOMIC CONDITIONS; CORPORATE GOVERNANCE; STRUCTURE CHOICE; PERFORMANCE; OWNERSHIP; FINANCE; DETERMINANTS; DIFFERENCE; DECISION; MARKET;
D O I：
10.1080/00036846.2015.1096000
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
An econometric model based on a natural experiment and the difference-in-differences method is introduced to empirically investigate the impact of split share structure reform on capital structures. A total of 1026 listed companies in Chinese A-share during 2001-2011 are used as the sample for the research and interest-bearing debt ratios (BDRs) are taken as a representative indicator for capital structures. The theoretical and empirical analysis indicates that both market expansion effect and corporate governance effect caused by the split share structure reform are associated with an increase in BDR. As far as the timeliness is concerned, the effects of split share structure reform on capital structures will last 3-4years.
引用
收藏
页码：1172 / 1181
页数：10
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