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Determinants of Capital Structure of Chinese - Listed Companies

机译：中国上市公司资本结构的决定因素

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The literature on Finance offers three major models about capital structure of a firm, namely; the tradeoff model, the pecking order model, and market timing theory. In the tradeoff model, firms tradeoff the costs and benefits of borrowing in order to identify their optimal capital structure. According to the pecking order model, the capital structure is simply the result of financing hierarchy; retained earnings, safe debt, risky debt, and finally equity. The market timing theory suggests that firms try to time the market by using debt and equity when it seems cheaprnA great amount of capital structure research has developed theoretical models to explain the capital structure pattern. There are also many empirical studies attempting to test the explanatory power of capital structure models on corporate behavior. Most of the work has been to identify the determinants of capital structure. The main determinants of capital structure tested include; tangibility, profitability, size, growth opportunity, asset structure, costs of financial distress, and tax shields effects.rnMany empirical studies use linear regression model to examine the relationship between capital structure and determinant variables. However, these determinant variables are frequently highly correlated, thereby adversely affecting the results of the analysis. In order to avoid multi - collinearity effects, this paper utilizes a factor analysis method to identify underlying factors which explain the pattern of correlations within a set of determinant variables.rnThere are significant institutional differences between China and westernrncountries. The purpose of this study therefore is to test whether firm - specific factors correlated with capital structure that have been identified in the Western settings also similarly correlate in China? Whether western capital structure models have sufficiently robust explanatory power for Chinese companies in the Chinese economy? The author utilizes a factor analysis method to determine the underlying factors that can influence Chinese - listed companies' capital structure decision.
机译：关于财务的文献提供了关于公司资本结构的三种主要模型，即：权衡模型，啄食订单模型和市场时机理论。在权衡模型中，公司会权衡借贷的成本和收益，以便确定其最佳资本结构。根据啄食顺序模型，资本结构仅是融资层次结构的结果。保留收益，安全债务，高风险债务以及最终股权。市场时机理论表明，企业在价格似乎便宜的时候试图通过使用债务和股权来对市场进行计时。大量的资本结构研究已经开发出理论模型来解释资本结构模式。也有许多实证研究试图检验资本结构模型对公司行为的解释能力。大多数工作是确定资本结构的决定因素。资本结构测试的主要决定因素包括：有形，盈利能力，规模，增长机会，资产结构，财务困境成本和税盾效应。许多实证研究都使用线性回归模型来检验资本结构与行列式变量之间的关系。但是，这些决定因素变量通常高度相关，从而对分析结果产生不利影响。为了避免多重共线性效应，本文采用因素分析方法来识别解释一系列决定因素变量内相关模式的潜在因素。中国与西方国家之间存在重大制度差异。因此，本研究的目的是检验在西方国家确定的与资本结构相关的企业特定因素在中国是否也具有相似的相关性？西方资本结构模型对于中国企业在中国经济中是否具有足够强大的解释力？作者利用因素分析方法来确定可能影响中国上市公司资本结构决策的潜在因素。

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