中国上場企業資本構成の決定要因についての考察

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This paper investigates empirically how Chinese firms determine their debt equity ratios in recent 10 years.We use data abtained from the firms listed in the Shanghai Stock Exchange and Shenzhen Stock Exchange, anddivide the sample into two periods, i.e., 1996−2000 and 2001−2005 to see if there is any change in the capitalstructure in these firms. Our results show that there exist effects of industry factors on the debt ratios of Chinesefirms. However, the R−squared values are quite smaller than those in the USA and Japan. Our results alsoindicate that size, profitability, growth, non−tax effect and cash flow are important determinants of financingdecisions in Chinese corporations, and in the period 2001−2005 growth becomes dominant factor, taking placeof profitability in the period 1996−2000.
岡山大学経済学会の論文