Financial Development, Ownership Restriction and Enterprise Capital Structure——Based on Empirical Study about Provincial Panel Data of Industrial Enterprises above Designated Size
Financial Development, Ownership Restriction and Enterprise Capital Structure——Based on Empirical Study about Provincial Panel Data of Industrial Enterprises above Designated Size
MA Da-lai1, CHEN Zhong-chang2, WANG Ling1
(1.The Economics and Business Administration College,Chongqing University,Chongqing 400044,China; 2.The Public Administration College,Chongqing University,Chongqing 400044,China)
Abstract Utilizing our country’s panel data from 2001 to 2011, the paper makes an empirical study of the relationship between the financial development,ownership restriction and the capital structure of enterprises.The results show that financial development can promote the debt increase.Ownership restriction on enterprise’s capital structure mainly in comparing to the non state owned enterprises, and state owned enterprises have a comparative advantage in obtaining credit support of financial institutions. The degree of nationalization enterprise is higher, the asset liability ratio is higher too.There is no interaction effect consistent with the effects of financial development and the enterprise ownership structure on corporate capital structure.The state-owned enterprises in gaining relative advantages of credit financing will gradually lose effectiveness and the achievement of financial institutions shareholding reform began to appear.
MA Da-Lai,CHEN Zhong-Chang,WANG Ling. Financial Development, Ownership Restriction and Enterprise Capital Structure——Based on Empirical Study about Provincial Panel Data of Industrial Enterprises above Designated Size. Economic Survey, 2015, 32(2): 0105.
2015, Vol. 32 
