Abstract
Although there are many studies of financing structure, there was no unanimous result that it’s affected by which factors. Most domestic studies ignored an important factor—corporate controlling rights, and often mixed the state-owned and non- state-owned companies. Based on the difference of ultimate controlling rights, the sample of 822 companies listed in Shanghai and Shenzhen Stock Exchanges is divided into state-owned, non-state-owned groups, as well as the overall sample. From the basic characteristics of company, equity characteristics and manager characteristics, we studied the determinants of financing structure in China. The results show that all the factors above affect financing structure at different extents, and there are significant differences on determinant factors of financing structure among different groups, especially between state-owned and non-state-owned samples.
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Acknowledgment
Supported by the Development Fund of Social Science and Management (RW201203) and the Research Start-up Project (11GH0313) of Northwestern Polytechnical University.
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Su, K., Su, Gg., Wang, Jl. (2014). Study on the Determinants of Financing Structure: Based on the Differences of Ultimate Controlling Rights. In: Qi, E., Shen, J., Dou, R. (eds) Proceedings of 2013 4th International Asia Conference on Industrial Engineering and Management Innovation (IEMI2013). Springer, Berlin, Heidelberg. https://doi.org/10.1007/978-3-642-40060-5_23
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DOI: https://doi.org/10.1007/978-3-642-40060-5_23
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