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標題: 探討資本結構與政治關係:來自中國的實證研究
Capital Structure and Political Connections : Evidence from China Listed Companies
作者: 郭泰佑
Kuo, Tai-Yu
關鍵字: Capital Structure
Debt Ratio
Political Connections
出版社: 財務金融系所
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摘要: The issue of Capital structure has been an important one in the field of financial management. In this paper, we choose the A share of Shanghai Stock Exchange listed companies from 2008 to 2010 as a sample to explore whether changes of a firm's political connections can affect the debt ratio; besides, we take two factors, types of political connection and types of industry, into account to see if respective differences have impacts on debt ratios. The empirical results show that those firms with political connections don't have high debt ratios. We also find that the changes in the company''s political connection let the rate of change in the debt ratio decline. The empirical results also find that different political connections have different effects for the company''s debt ratio. The political connections between People''s Congress, Party and companies have the most significant influence. And respective political connections for different industries also generate distinctions.
其他識別: U0005-0407201212275200
Appears in Collections:財務金融學系所



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