Impact of Capital Structure on Corporate Growth—Empirical Evidence Chinese Growth Enterprise Market Based on Data Mining and Text Analysis

Wenhao Ai and Chengchen Hu

Chapter 15 in Internet Finance and Digital Economy:Advances in Digital Economy and Data Analysis Technology, 2023, pp 201-213 from World Scientific Publishing Co. Pte. Ltd.

Abstract: The paper utilizes a Python crawler to obtain and organize data from the CSMAR database. The PDF links of annual reports are extracted using Xpath, and the tabular data in the annual reports are extracted by embedding the “pdf plumber” programming in Python. Then, by building a regression model, we analyzed the issue of the influence of capital structure on the corporate growth of A-share GEM-listed companies. The result indicates that the capital structure negatively affects corporate growth in the context of Chinese GEM. However, company size, profitability, and return on investment are positively correlated to corporate growth. The result also shows that industry and ownership of property do not affect the relationship between capital structure and corporate growth. Finally, this paper suggests some policy implications and suggestions from the perspective of managers of GEM companies, government regulators, and investors.

Keywords: Internet Economy; Online Finance; Financial Engineering; Big Data; Blockchain; Supply Chain; E-commerce (search for similar items in EconPapers)
JEL-codes: G2 O33 (search for similar items in EconPapers)
Date: 2023
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