Study on the Determinants of Financing Structure: Based on the Differences of Ultimate Controlling Rights

Kun Su (), Gui-gui Su and Ji-lin Wang
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Kun Su: Northwestern Polytechnical University
Gui-gui Su: High Hope int’l Group Jiangsu Foodstuffs Imp & Exp Corp. Ltd.
Ji-lin Wang: Northwestern Polytechnical University

A chapter in Proceedings of 2013 4th International Asia Conference on Industrial Engineering and Management Innovation (IEMI2013), 2014, pp 233-243 from Springer

Abstract: Abstract Although there are many studies of financing structure, there was no unanimous result that it’s affected by which factors. Most domestic studies ignored an important factor—corporate controlling rights, and often mixed the state-owned and non- state-owned companies. Based on the difference of ultimate controlling rights, the sample of 822 companies listed in Shanghai and Shenzhen Stock Exchanges is divided into state-owned, non-state-owned groups, as well as the overall sample. From the basic characteristics of company, equity characteristics and manager characteristics, we studied the determinants of financing structure in China. The results show that all the factors above affect financing structure at different extents, and there are significant differences on determinant factors of financing structure among different groups, especially between state-owned and non-state-owned samples.

Keywords: Financing structure; Non-state-owned; State-owned; Ultimate controlling rights (search for similar items in EconPapers)
Date: 2014
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-642-40060-5_23

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DOI: 10.1007/978-3-642-40060-5_23

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