Capital structure of Chinese listed companies after the 2008 financial crisis: Reliably important determinants of financial leverage

• Main Authors: Lukasz Stankiewicz, 施凱勛
• Other Authors: Shih, Jen-Ying
• Format: Others
• Language: en_US
• Published: 2016
• Online Access: http://ndltd.ncl.edu.tw/handle/9k7g56

碩士 === 國立臺灣師範大學 === 全球經營與策略研究所 === 104 === 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.