Please use this identifier to cite or link to this item: http://hdl.handle.net/11455/23117
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
資本結構
Debt Ratio
Political Connections
負債比率
政治關係
人大代表
出版社: 財務金融系所
引用: 王玉榮,2005,《我國上市公司融資結構決定因素的實證分析》,《工業技術經濟》,第8期。 肖作平,2004,《資本結構影響因素和雙向效應動態模型- - 來自中國上市公司面板數據的證據》,《會計研究》,第2期。 肖澤忠、鄒宏,2008,《中國上市公司資本結構的影響因素和股權融資偏好》,《經濟研究》,第六期。 吳文鋒、吳沖鋒、劉曉薇,2008,《中國民營上市公司高館的政府背景與公司價值》,《經濟研究》,第7期。 孫崢、劉風委、李增泉,2005,《市場化程度、政府干預與企業債務期限結構》,《經濟研究》,第5期。 徐浩萍、呂長江,2007,《政府角色、所有權性質與權益資本成本》,《會計研究》,第6期。 郭鵬飛、孫培源,2003,《資本結構的行業特徵:基於中國上市公司的實證研究》,《經濟研究》,第5期。 陳任如、賴 煜,2010,高管政治背景與民營企業盈利能力的實證研究,《南方經濟》 ,第5期 潘紅波、夏新平、余明桂,2008,《政府干預、政治關聯與地方國有企業並購》,《經濟研究》,第 4 期。 羅黨論、黃琼宇,2008,《民營企業的政治關係與企業價值》,《管理科學》第12期。 Berger, P. G., and E. Ofek , 1995, “Diversification’s effect of firm value”, Journal of Financial Economics, 37: 39-65. Bowen, R.M., L.A. Daley, and C.C. Huber, 1982,”Evidence on the Existence and Determinants of Inter-Industry Differences in Leverage”, Financial Management,11: 10-20. Bradley, M., G. A. Jarrell, and E. H. Kim, 1984, “On the existence of an optimal capital structure: theory and evidence”, Journal of Finance, 39: 857-880. Boubakri, N., J.C. Cosset, and W. Saffar , (2008), “Political Connections of Newly Privatized Firms’,Journal of Corporate Finance”, 14:654-673. Chirinko , R. S. , and A. R. Singha , 2000, “Testing static tradeoff against pecking order models of capital structure: a critical comment”, Journal of Financial Economics, 58: 417-425 Donaldson G., (1961) , “Corporate Debt Capacity: A study of Corporate Debt Policy and the Determination of Corporate Debt Capacity”, Boston, Division of Research, Harvard Graduate School of Business Administration. Fisman, Raymond., 2001,. “Estimating the Value of Political Connections.” The American Economic Review ,91:1095-1102. Fraser, D. R. H. Zhang , and C. Derashid , 2006., “Capital Structure and Political Patronage: The Case of Malaysia”, Journal of Banking and Finance , 30(4):1291-1308. Fraser, D. R. H. Zhang , and C. Derashid , 2006 ,“Public Policy , Political Connections , and Effective Tax Rates : Longitudinal Evidence from Malaysia”, Journal of Accounting and Public Policy , 25 : 574-595. Faccio , M. , 2006 ,“Politically Connected Firms : Can They Squeeze the State ?”, American Economic Review , 96 : 369-386. Faccio , M., 2010 , “Differences between Politically Connected and Nonconnected Firms: A Cross-Country Analysis” , Financial Management , 39(3) : 905-928. Goldman , E., J. Rocholl, and J. So, 2009, “Do politically connected boards affect firm value”, Review of Financial Studies , 22: 2331-2360. Huang, S., and Song, F., 2006., “The determinants of capital structure: evidence from China”, China Economic Review , 17 (1):14-36. Jensen , M. C. and W. H. Meckling , 1976, “Theory of the firms: Managerial behavior, agency costs and ownership structure” , Journal of Financial Economics , 3:305-360. Johnson , S. , and T. Mitton , 2003 ,“Cronyism and Capital Controls : Evidence from Malaysia”, Journal of Financial Economics , 67:351-382. Kim, E. H., 1978 , “A mean variance theory of optimal capital structure and corporate debt capacity”, Journal of Finance , 33: 45-64. Kraus, A., and R.H. Litzenberger , 1973 , “A State Preference Model of Optimal Financial Leverage”, Journal of Finance , 28:911-922. Krueger, A. O., 1974 ,. “The Political Economy of the Rent-Seeking Society”, American Economic Review , 64 (3) : 291-303. Lakshmi , S. S., and S. C. Myers , 1999, “Testing static tradeoff against pecking order models of capital structure” , Journal of Financial Economics , 51:219-244. Modigliani, F., and M. H. Miller , 1958 , “The Cost of Capital, Corporation Finance, and the Theory of Investment” , American Economic Review, 48(3) : 261-97. Modigliani , F., and M. H. Miller , 1963, “Corporate income taxes and the cost of capital”, America Economic Review , 53: 433-443. Myers , S. C., and N. S. Majluf , 1984, “Corporate financing and investment decisions when firms have information that investors do not have”, Journal of Financial Economics , 13: 187-221. Rajan , G. R., and L. Zingales , 1995 , “What do we know about capital structure? Some evidence from international data” , Journal of Finance , 50: 1421-1460. Roberts, B. E., 1990 , “A Dead Senator Tells No Lies: Seniority and the Distribution of Federal Benefits , ” American Journal of Political Science, 34(1):31–58. Smith, C. W., and J. B. Warner , 1979 , ”On Financial Contracting: An Analysis of Bond Covenants” , Journal of Financial Economics , 7: 117-61. Titman, S., and R. Wessels , 1988 , “The determinants of capital structure choice”, Journal of Finance, 43(1): 1-19. Fan, J. P. H., T. J. Wong, and T. Zhang , 2007 ,“Politically Connected CEOs , Corporate Governance , and Post-IPO Performance of China Newly Partially Privatized Firms”, Journal of Financial Economics , 84 : 265 -590.
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.
資本結構一直是財務管理的重要課題,因此本文以2008~2010年間,中國上海證交所上市公司A股為樣本,探討有政治關係的公司是否有較高的負債比率。而本研究同時也討論了公司政治關係的變動是否也影響了負債比率變動率。同時將企業的政治關係細分,藉以了解不同的政治關係對於公司負債比率的影響為何。且將行業的因素納入考慮,看看不同行業的政治關係對於公司負債比率是否不同。實證結果也顯示政治關係並沒有讓公司有較高的負債比率,反而讓公司的負債比率下降;且發現公司從無政治關係到有政治關係同樣會讓負債比率的變動率下降。而實證結果也發現不同的政治關係,對於公司的負債比率影響也有不一樣的效果,人大代表與黨的政治關係有最顯著的影響力;而不同的行業其政治關係也對公司產生不一樣的變化。
URI: http://hdl.handle.net/11455/23117
其他識別: U0005-0407201212275200
文章連結: http://www.airitilibrary.com/Publication/alDetailedMesh1?DocID=U0005-0407201212275200
Appears in Collections:財務金融學系所

文件中的檔案:

取得全文請前往華藝線上圖書館

Show full item record
 
TAIR Related Article
 
Citations:


Items in DSpace are protected by copyright, with all rights reserved, unless otherwise indicated.