Research on the Capital Structure of Chinese Listed Companies

Author: Li Yichao
Publisher:
Publish Date: 2003-05-01
Features: Capital structure is a concentrated reflection of the rights and obligations of stakeholders in a company, influencing and determining the corporate governance structure, which in turn affects and determines the behavioral characteristics and value of the enterprise. It can be said that capital structure is the "gene" of modern enterprises. A reasonable capital structure is beneficial to standardizing corporate behavior and enhancing corporate value. After long-term theoretical discussions, capital structure theory has been relatively mature. However, studies by domestic scholars have found that the financing behavior of Chinese listed companies deviates from the framework of capital structure theory. Faced with the conflict between theory and reality, with many puzzling questions, following the logic of structure-behavior-performance, the author takes the financing structure of listed companies as the starting point and systematically studies the capital structure of Chinese listed companies. The entire book revolves around the capital structure of listed companies for analysis, and its content can be summarized into four parts: Part I is the theory of capital structure and international comparisons, including Chapters 8 and 3. This part aims to lay a theoretical foundation for studying the capital structure of Chinese listed companies and provide internationally comparable experiences for optimizing their capital structure. Part II is Chapter 4, which aims to analyze the financing environment of listed companies. The author focuses on analyzing the financing environment of listed companies from aspects such as their listing background, macroeconomic conditions, financial market development, and relevant laws and regulations. Part III is the empirical analysis of the financing structure and capital structure of listed companies, including Chapters 5, 6, and 7. Empirical analysis is the main feature of this part. Using empirical analysis methods, the author examines the characteristics of the financing structure and capital structure of listed companies, the relationship between capital structure and corporate performance, and the impact of capital structure.