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首页> 外文期刊>China Finance and Economic Review >Dynamics of financial leverage across firm life cycle in Chinese firms: an empirical investigation using dynamic panel data model
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Dynamics of financial leverage across firm life cycle in Chinese firms: an empirical investigation using dynamic panel data model

机译：中国企业整个生命周期财务杠杆的动态：使用动态面板数据模型的实证研究

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Abstract Background This study tries to investigate how firms adjust their leverage policy across the firm’s life cycle. For this purpose the study uses an extensive set of data of 867 A listed Chinese non-financial firms over a nineteen years period (1996-2014). Methods The study employs Arellano-Bover/Blundell-Bond dynamic panel data model to estimate adjustment rate of leverage and its determinants in three different life stages of Chinese firms. We find that adjustment rate of leverage varies for different life stages. Results In accordance with trade off theory of capital structure this study reports a low-high-low pattern of leverage across growth, maturity and decline stage of firms’ life respectively. For total leverage, dynamic panel data reports highest adjustment rate for growing firms, followed by mature firms and firms in declining stage of their life. Conclusions Both short term and long term leverage report similar pattern of leverage’s adjustment rate across the three stages of life cycle. The study provides useful insight in a unique market setting of Chinese financial markets.
机译：摘要背景本研究试图调查企业如何在其整个生命周期内调整其杠杆政策。为此，本研究使用了19年期间（1996-2014年）内867家A上市中国非金融公司的大量数据。方法该研究采用Arellano-Bover / Blundell-Bond动态面板数据模型来估计中国企业在三个不同生命阶段的杠杆调整率及其决定因素。我们发现杠杆的调整率在不同的生命阶段中有所不同。结果根据资本结构的权衡理论，本研究报告了在企业生命的成长，成熟和衰落阶段，杠杆的低-高-低模式。对于总杠杆率，动态面板数据报告了成长型公司的最高调整率，其次是成熟公司和处于衰落阶段的公司。结论短期和长期杠杆在整个生命周期的三个阶段都报告了类似的杠杆调整率模式。该研究为中国金融市场独特的市场环境提供了有用的见解。

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