Ownership, Institutions, and Capital Structure: Evidence from China
Ownership, Institutions, and Capital Structure: Evidence from China
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DOI：
10.2139/ssrn.891529
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发表时间：
2007-11
期刊：
影响因子：
--
通讯作者：
Kai Li;Heng Yue;Longkai Zhao
中科院分区：
文献类型：
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作者：
Kai Li;Heng Yue;Longkai Zhao
我们使用一个独特的数据集来探索股权结构和制度发展在非上市中国公司债务融资中的作用。我们发现，国有所有权与杠杆率和企业获得长期债务的机会呈正相关，而外资持股与所有杠杆指标呈负相关。令人惊讶的是，较发达地区的公司与获得长期债务的机会减少有关，这表明在正在进行的银行改革下，替代融资渠道的可用性和贷款标准的收紧。所有权结构和制度的组合解释了公司杠杆决策总差异的6%，而仅公司特征解释的差异不超过8%。此外，我们还发现，与欠发达地区的国有企业相比，非国有企业的总债务和短期债务往往更低。最后，我们发现，国有企业容易获得长期债务与长期投资正相关，与企业绩效负相关。
We employ a unique data set to explore the role of ownership structure and institutional development in debt financing of non-publicly traded Chinese firms. We show that state ownership is positively associated with leverage and firms' access to long-term debt, while foreign ownership is negatively associated with all measures of leverage. Surprisingly, firms in better developed regions are associated with reduced access to long-term debt, suggesting the availability of alternative financing channels and the tightening of the lending standards under the on-going banking reform. The combination of ownership structures and institutions explains up to 6% of the total variation in firms' leverage decisions, while firm characteristics alone explain no more than 8% of the variation. Further, we show that non-state-owned firms tend to have lower total and short-term debt than their state-owned counterparts in less developed regions. Finally, we show that state-owned firms' easy access to long-term debt is positively associated with long-term investment and negatively associated with firm performance.