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《World Economy》 2003-07
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The Capital Structure and Financing Behavior of the Chinese List Companies

Jian Dianchun  
This paper examines the capital structure and financing behavior of Chinese listed firms. It argues that due to the distinguishing features of Chinese capital markets, factors such as earning volatility may affect firms' capital structure in an unusual way. The empirical analysis reveals that while the firms' short-term financing pattern may be explained by the static trade-off theory of capital structure, the long-term financing can not. In fact the study suggests a special order to long-term financing strategy which is opposite to the standard pecking order. The firms would finance the project with retained earnings, and then followed by issuing equity, and then borrowing from the bank only as a last resort.
【CateGory Index】: F275.1
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