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Firms' Capital Structure In China's Growth Enterprises Market

机译:公司在中国增长企业市场的资本结构

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Our research explored the main theories of firm finance and explained the capital structure of HighTech firms in China's Growth Enterprises Market. using the panel data models of fixed and random effects during 2006-2009.The empirical evidences obtained are that more profitable firms use less finance leverage and large companies tend to use more debt than smaller companies, which have high operating risk can lower the volatility of the net profit by reducing the debt level. The finance leverage is also closely related to tangibility of assets and the ratio of non-debt tax shield.
机译:我们的研究探讨了坚定的财务理论,并解释了中国成长企业市场的高科技公司的资本结构。在2006 - 2009年期间使用固定和随机效应的面板数据模型。获得的经验证据是,更有利可图的公司使用较少的金融杠杆和大型公司倾向于使用更多的债务,而不是较小的公司,这具有高的经营风险可能降低波动性通过减少债务水平的净利润。财务杠杆率也与资产的变形和非债税盾牌的比例密切相关。

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