Capital Structure and Growth: Evidence from China’s Listed Companies

Li-ping Xiao (), Zhe Liu and Zhe Li
Additional contact information
Li-ping Xiao: Northeastern University at Qinhuangdao
Zhe Liu: Northeastern University at Qinhuangdao
Zhe Li: Northeastern University at Qinhuangdao

A chapter in Proceedings of 20th International Conference on Industrial Engineering and Engineering Management, 2013, pp 777-785 from Springer

Abstract: Abstract Using the annual data of China’s listed companies of manufacturing industry from 2006 to 2011, we establish panel data models and make regression analysis to study the capital structure and capital policy of growing firms. When associated variables controlled, empirical results show that the debt ratio is higher in growing firms, especially long term debt, and the cash holdings and dividend is lower in growing companies. Our result reveals that growing firms make full use of capital inside and outside the companies and the growth of the firms needs the support of debt, especially long term debt.

Keywords: Capital structure; Cash holdings; Dividend; Growth (search for similar items in EconPapers)
Date: 2013
References: Add references at CitEc
Citations:

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-642-40072-8_78

Ordering information: This item can be ordered from
http://www.springer.com/9783642400728

DOI: 10.1007/978-3-642-40072-8_78

Access Statistics for this chapter

More chapters in Springer Books from Springer
Bibliographic data for series maintained by Sonal Shukla () and Springer Nature Abstracting and Indexing ().