Growth Opportunity and Capital Structure: Empirical Evidence from China' s Listed Tourist Companies
LIU Hai-ying1,2 LIU Zhi-yuan1 (1.School of Business, Nankai University, Tianjin 300071, P.R.China; 2.School of Management, Shandong University, Jinan 250100, P.R.China)
Using the data of Chinese listed tourist companies during 2001-2004, based on fixed effect model in panel data, an empirical study on the relationship between growth opportunity and capital structure has been carried out in this paper by using EVIEWS5.0. The result shows that principal financing on growth opportunity comes from debt financing in listed tourist companies, and the positive relationship between growth opportunity and capital structure is verified.
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