文献类型：期刊文献

英文题名：Regional variation in the capital structure adjustment speed of listed firms: Evidence from China

作者：Mai, Yong[1];Meng, Lei[1];Ye, Zhiqiang[1]

机构：[1]East China Univ Sci & Technol, Sch Business, Shanghai, Peoples R China

年份：2017

卷号：64

起止页码：288

外文期刊名：ECONOMIC MODELLING

收录：;WOS:【SSCI(收录号:WOS:000405052600024)】；

基金：The authors are grateful to National Social Science Foundation of China for providing research funding (Project no.14BJY177 & Project no. 71301052); Foundation of Chinese Ministry of Education (Project no. NW1422009).

语种：英文

外文关键词：Listed firms; Capital structure; Speed of adjustment; Regional variation

摘要：This paper investigates whether in China, a country large in size, geographically diverse and imbalanced in regional economic development, variation in firm capital structure) is systematically related to regional economic environment. In addition, we examine whether during macroeconomic recovery there is significant difference in the speed of adjustment in capital structure of firms located in different regions. The empirical analyses are based on 783 firms listed on Shanghai and Shenzhen Stock Exchanges during a sample period of year 2000 through 2014. Using GMM and Logit QMLE, we found strong evidence that the regional variation in the capital structure of listed firms is linked to growth indicator (the Market-to-Book value, MB), EBIT ratio, size of the firm and tangible assets (the value of Net Property, Plant and Equipment, PPE). In the process of economic recovery, there was apparent regional variation in the speed of adjustment in capital structure, i.e. the fastest adjustment in capital structure was found in East China while that of West China followed and that of Mid China the slowest, that is to say within a given period the leverage ratio of listed firms in East China rises or falls faster than in the other two regions.