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《Securities Market Herald》 2013-10
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The Diffusion Effect Research of Listed Companies’ Capital Structure in China

Wei Feng;Kong Yu;  
On the basis of China's listed companies' large sample data from 2001 to 2009, the paper empirically tests the diffusion effect with average industry capital structure under the fixed-effect method and instrument variables method. The results show that average industry capital structure has greater impact on firms' capital structure than that of average industry financial variables.Furthermore, we find that the diffusion effect is stronger when the endogenity problem of capital structure is controlled. Thus,our conclusion harmonizes the interpretation about the similarities and differences of firms' capital structure among industries in exiting literatures.
【Fund】: 中央高校基本科研业务费专项资金项目(CDJSK100207、CDJKXB13006)
【CateGory Index】: F275;F832.51
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