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《Collected Essays on Finance and Economics》 2011-02
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The Determinants of Unlisted SMEs' Capital Structure

GUO Li-hong(School of Finance,Shanghai University of Finance and Economics,Shanghai 200433,China)  
The paper analyzes the relationship between firm characteristics and leverage employing 11,723 unlisted SMEs' financial data.It finds that in all SMEs,state-owned SMEs and private SMEs leverage increases with the firm size and decreases with profitability,and tangibility is positively related to long-term debt ratio and negatively related to total debt ratio.Growth has an impact on capital structure in all SMEs and private SMEs,but non-debt tax shields have less effect on leverage.It indicates that firm size,profitability and tangibility are the important factors affecting SMEs' capital structure.The results generally support trade-off and pecking order arguments.
【Fund】: 国家社科基金资助项目(09CJL015);; 上海财经大学211三期项目;上海财经大学小企业融资研究中心资助项目
【CateGory Index】: F275
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