Impact of split share structure reform on capital structures: empirical evidence from China's listed companies

Zhang Hong; Gao Shuai; Yang Fei

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Impact of split share structure reform on capital structures: empirical evidence from China's listed companies

机译：股权分置改革对资本结构的影响：来自中国上市公司的经验证据

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An econometric model based on a natural experiment and the difference-in-differences method is introduced to empirically investigate the impact of split share structure reform on capital structures. A total of 1026 listed companies in Chinese A-share during 2001-2011 are used as the sample for the research and interest-bearing debt ratios (BDRs) are taken as a representative indicator for capital structures. The theoretical and empirical analysis indicates that both market expansion effect and corporate governance effect caused by the split share structure reform are associated with an increase in BDR. As far as the timeliness is concerned, the effects of split share structure reform on capital structures will last 3-4years.

机译：引入了一种基于自然实验和差异法的计量经济学模型，以实证研究股权分置改革对资本结构的影响。 2001-2011年间，共有1026家中国A股上市公司被用作研究样本，计息债务比率（BDRs）被用作资本结构的代表指标。理论和实证分析表明，股权分置改革引起的市场扩张效应和公司治理效应均与BDR的增加有关。就及时性而言，股权分置改革对资本结构的影响将持续3-4年。

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来源
《Applied Economics》 |2016年第15期|1172-1181|共10页
作者
Zhang Hong; Gao Shuai; Yang Fei;
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作者单位

Tsinghua Univ, Hang Lung Ctr Real Estate, Beijing 100084, Peoples R China;

Tsinghua Univ, Hang Lung Ctr Real Estate, Beijing 100084, Peoples R China;

Tsinghua Univ, Hang Lung Ctr Real Estate, Beijing 100084, Peoples R China;

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收录信息美国《科学引文索引》(SCI);
原文格式 PDF
正文语种 eng
中图分类
关键词
Capital structure; split share structure reform; listed companies; China; C33; C51; O53;

机译：资本结构;股权分置改革;上市公司;中国;C33;C51;O53;

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专利

1. Capital structure adjustment behaviors of Chinese listed companies: Evidence from the Split Share Structure Reform in China [J] . Wei He, NyoNyo A. Kyaw Global finance journal . 2018,第期

机译：中国上市公司的资本结构调整行为：来自中国股权分置改革的证据
2. Government Regulation,Enforcement,and Economic Consequences in a Transition Economy:Empirical Evidence from Chinese Listed Companies Implementing the Split Share Structure Reform [J] . Dequan Jiang, Shangkun Liang, Donghua Chen 中国会计学刊：英文版 . 2009,第001期

机译：转轨经济中的政府规制，执法与经济后果：来自中国上市公司实施股权分置改革的经验证据
3. The effect of the split share structure reform on working capital management of Chinese companies [J] . Wei He, Tarun K. Mukherjee, H. Kent Baker Global finance journal . 2017,第期

机译：股权分置改革对中国公司营运资金管理的影响
4. An Empirical Research on Relevance Between Ownership Structure and Corporate Performance of Real Estate Companies in China--Based on Data of Real Estate Listed Companies in Shanghai and Shenzhen Before and After Split Share Structure Reformation [C] . HOU Liying, ZHANG Zeyuan The 5th International Sympsium for Corporate Governance(第五届公司治理国际研讨会）论文集 . 2009

机译：中国房地产公司股权结构与公司绩效相关性的实证研究-基于股权分置改革前后沪深两市房地产上市公司数据
5. 中国双重上市公司a、h股价差影响因素的实证研究 =An Empirical Study on the Influence Factors of Price Difference between A-share and H-share of China's Dual-listed Companies [D] . Wang, Huan. 2019

机译：中国双重上市公司a、h股价差影响因素的实证研究 =An Empirical Study on the Influence Factors of Price Difference between A-share and H-share of China's Dual-listed Companies
6. Does CSR affect the cost of equity capital: Empirical evidence from the targeted poverty alleviation of listed companies in China [O] . Yuting Yi, Bangsheng Xie, Lixue Zhou, 2020

机译：企业社会责任是否会影响股本成本：中国上市公司针对性扶贫的经验证据
7. Government Regulation, Enforcement, and Economic Consequences in a Transition Economy: Empirical Evidence from Chinese Listed Companies Implementing the Split Share Structure Reform☆ [O] . Dequan Jianga, Shangkun Lianga, Donghua Chena 2015

机译：转轨经济中的政府规制，执法和经济后果：来自中国上市公司实施股权分置改革的经验证据☆

Impact of split share structure reform on capital structures: empirical evidence from China's listed companies

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