文献类型：期刊文献

英文题名：THE EFFECT OF CASH FLOW ON THE CAPITAL STRUCTURE DYNAMIC ADJUSTMENT: EVIDENCE FROM CHINESE LISTED COMPANIES

作者：Gan, Lining[1];Wei, Pengzhen[1];Wang, Junqiu[2];Zheng, Xiaosong[1]

机构：[1]Shanghai Univ, SHU UTS SILC Business Sch, 20 Cheng Zhong Rd, Shanghai 201899, Peoples R China;[2]East China Univ Sci & Technol, Sch Business, 130Mei Rong Rd, Shanghai 200237, Peoples R China

年份：2018

卷号：17

期号：3C

起止页码：453

外文期刊名：TRANSFORMATIONS IN BUSINESS & ECONOMICS

收录：;WOS:【SSCI(收录号:WOS:000457352900011)】；

基金：This research is funded by National Natural Science Foundation of China (2016, Project No. 71602110).

语种：英文

外文关键词：cash flow; capital structure dynamic adjustment; ownership; financial constraints

摘要：This paper studies the effect of cash flow on the capital structure dynamic adjustment from the point of transaction cost, ownership nature of ultimate controller and financing constraints by samples of Chinese listed companies from 1998 to 2011. If the transaction cost is lower, companies showed the tendency to target capital structure adjustment; when the cash flow is not enough to adjust the capital structure deviation part, companies showed deviation from the target capital structure. However, when the cash flow is more than capital structure deviation, state-owned and non-state-owned companies both show the tendency of excessive adjustment, whether excessive debt or insufficient liabilities. We further study the influence of financing constraints on capital structure adjustment. The results show that compared with non-state-owned companies, the capital structure adjustment of state-owned companies is significantly affected by financing constraints. On the contrary, financing constraints has no significant influence on non-state-owned companies.