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研究生： 施凱勛
Lukasz Stankiewicz
論文名稱： 後金融海嘯時期中國上市公司資本結構之研究：財務槓桿決策之重要決定因素
Capital structure of Chinese listed companies after the 2008 financial crisis: Reliably important determinants of financial leverage
指導教授： 施人英
Shih, Jen-Ying
學位類別： 碩士
Master
系所名稱： 全球經營與策略研究所
Graduate Institute of Global Business and Strategy
論文出版年： 2016
畢業學年度： 104
語文別： 英文
論文頁數： 37
中文關鍵詞： 財務槓桿 、資金槓桿 、資本結構
英文關鍵詞： leverage, Shanghai Stock Exchange, Shenzhen Stock Exchange
DOI URL： https://doi.org/10.6345/NTNU202204117
論文種類： 學術論文
相關次數： 點閱：108  下載：10 
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    • The paper examines the determinants of capital structure among Chinese listed companies between the years of 2009 and 2014. Many of the researches conducted in the past returned inconsistent results regarding the variables that can be used for prediction of leverage. This research is testing if after the financial crisis of 2008 Chinese companies have changed their financial behavior and if the variables that were identified as reliably important determinants of financial leverage before 2009 are still valid. The variables used cover internal firm characteristics and external economic contexts, including: profitability, asset tangibility, asset growth, firm size, largest shareholding, industry median leverage, state control dummy, PMI, quarterly exports, foreign direct investment, domestic retail sales of consumer goods and money supply. The research finds that the companies have quite considerably changed their leverage levels compared to the earlier years and some leverage determinants changed in their significance. In addition, the results differ depending on which stock market, Shenzhen or Shanghai stock exchange, companies are listed.

    Contents 1. Introduction .................................................................................................................................... 1 2. Literature review ............................................................................................................................ 4 2.1. The trade-off and pecking-order theories ............................................................................. 4 2.2. Predictions .............................................................................................................................. 5 3. Data sample and model ................................................................................................................ 15 3.1. Data description .................................................................................................................... 15 3.2. Descriptive statistics and correlations ................................................................................. 16 3.3. Model and methodology ...................................................................................................... 19 4. Results ........................................................................................................................................... 21 4.1. Linear regression ................................................................................................................... 21 4.2. Comparison of companies listed on Shenzhen and Shanghai Stock Exchanges ................. 26 4.3. Robustness test ..................................................................................................................... 30 5. Conclusions ................................................................................................................................... 32 References............................................................................................................................................. 34

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