中国金融学术研究网
CHINA FINANCIAL RESEARCH NETWORK

公司财务--资本结构
工作论文
2010-08-26 第3卷 第5期

编: 清华大学经管学院金融学教授。

执行主编: 杨之曙清华大学经济管理学院金融学副教授。


本期目录

企业规模、所有者性质与企业融资约束:基于我国上市公司数据的实证研究

张长征 河海大学商学院
黄德春 河海大学商学院

Debt Maturity Structure of Chinese Companies

Kailan Cai University of BathSchool of Management
Richard Fairchild University of BathSchool of Management
Yilmaz Guney Yilmaz GuneyBusiness School

Pay dispersion, ownership structure and firm performance in China’s listed firms

Xiaofei Pan University of WollongongSchool of Accounting and Finance
Gary Tian University of WollongongSchool of Accounting and Finance
Aelee Jun University of WollongongSchool of Accounting and Finance


论文摘要

企业规模、所有者性质与企业融资约束:基于我国上市公司数据的实证研究

张长征 河海大学商学院
黄德春 河海大学商学院

不同融资约束的企业在承受经济危机冲击的能力上存在较大差异。研究表明,企业规模、所有者性质对企业面临的融资约束有很大的影响,本文以我国上市公司为研究对象,考察不同规模、不同所有者性质的上市公司面临的融资约束,进一步探讨其之间的关系。实证结果表明,随着上市公司规模的扩大,我国上市公司面临的融资约束也是增大的;国有上市企业面临的融资约束大于非国有上市公司,其中民营上市企业面临的融资约束最小;同性质下不同规模的上市公司的融资约束也存在较大差异,规模大国有上市公司融资约束大于规模小国有上市公司,而规模大的民营上市公司的融资约束小于规模小的民营企业。

Debt Maturity Structure of Chinese Companies

Kailan Cai University of BathSchool of Management
Richard Fairchild University of BathSchool of Management
Yilmaz Guney Yilmaz GuneyBusiness School

Numerous studies have focused on the theoretical and empirical aspects of corporate capital structure since the 1960s. As a new branch of capital structure, however, debt maturity structure has not yet received as much attention as the debt-equity choice. We use the existing theories of corporate debt maturity to investigate the potential determinants of debt maturity of the Chinese listed firms. In addition to the traditional estimation methods, the system-GMM technique is used to explicitly control for the endogeneity problem. We find that the size of the firm, asset maturity and liquidity have significant effects in extending the maturity of debt employed by Chinese companies. The amount of collateralized assets and growth opportunities also tend to be important. However, proxies for a firm’s quality and effective tax rate apparently report mixed or unexpected results. Debt market and equity market conditions are also examined in relation to corporate loan maturity. The system-GMM results show that market factors seem to influence debt maturity decisions. Finally, corporate equity ownership structure has also been found to have some impact on debt maturity mix.

Pay dispersion, ownership structure and firm performance in China’s listed firms

Xiaofei Pan University of WollongongSchool of Accounting and Finance
Gary Tian University of WollongongSchool of Accounting and Finance
Aelee Jun University of WollongongSchool of Accounting and Finance

This paper investigates pay dispersion and its effects on firm performance in China’s listed firms. Due to weak investor protection and an inefficient legal system, China is expected to have a lower level of corporate governance. In this weak institutional environment, we argue that awarding sufficient power and high pay to CEOs is helpful to increase firm performance. Using data from 2002 to 2007, we find that pay dispersion is related to tournament incentives and agency factors. Importantly, we find evidence that pay dispersion is positively related to firm performance which is consistent with our primary hypothesis. In addition, the relation is more positive when the firm is controlled by the state. Our results are robust to corrections for endogeneity between pay dispersion and firm performance and to several alternative measures of pay dispersion and firm performance.


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