Effect of foreign ownership on cost of borrowing: Evidence from small and medium-sized enterprises in China

被引：10
|
作者：
Chen, Dong [1 ]
Ding, Shujun [2 ]
Wu, Zhenyu [3 ]
机构：
[1] Loyola Marymount Univ, Los Angeles, CA 90045 USA
[2] Univ Ottawa, Telfer Sch Management, Ottawa, ON K1N 6N5, Canada
[3] Univ Manitoba, IH Asper Sch Business, Winnipeg, MB R3T 5V4, Canada
来源：
INTERNATIONAL SMALL BUSINESS JOURNAL-RESEARCHING ENTREPRENEURSHIP | 2014年 / 32卷 / 06期
关键词：
China; cost of debt; foreign ownership; small business; signalling; COUNTRY IMAGE; BUSINESS; LIABILITY; FIRMS; COMPETITION; MARKETS; ROLES; PERFORMANCE; COMMITMENT; GOVERNANCE;
D O I：
10.1177/0266242613481991
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
This article draws upon a sample of more than 27,000 Chinese small and medium-sized enterprises (SMEs) to explore whether and how foreign equity investment in local SMEs affects the cost of debt. The results show that foreign ownership lowers the cost of borrowing for Chinese SMEs, and that this effect is stronger in more developed provinces. These findings contribute to evidence regarding the halo effect of foreign direct investment in emerging markets. This study also expands pecking order theory by demonstrating the signalling effect of equity structure characteristics on debt financing.
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页码：693 / 715
页数：23
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