This paper examines the effect of state control and ownership structure on the leverage decision of firms listed in the Chinese stock market. Our results show that state-owned enterprises (SOEs) have higher leverage ratios than non-SOEs, and SOEs in regions with a poorer institutional environment have higher leverage ratios than SOEs in better regions. We also show that the largest shareholding (the percentage of shares held by the largest shareholder) in the SOEs has a negative relationship with the leverage ratio, while the largest shareholding in non-SOEs has a non-linear relationship with the short-term and long-term debt ratios. Finally, this study also shows that the share split reform and the improvement of institutional environment both weaken the negative relationship and strengthen the positive relationship between largest shareholding and leverage of SOEs and non-SOEs to some extent. This paper documents how the financing behaviour of SOEs is more influenced by government intervention, while the financing behaviour of non-SOEs is more market oriented.View full textDownload full textKeywordscapital structure, ownership structure, state ownership, largest shareholding, regional institutional developmentJEL classificationsG30, G32Related var addthis_config = { ui_cobrand: "Taylor & Francis Online", services_compact: "citeulike,netvibes,twitter,technorati,delicious,linkedin,facebook,stumbleupon,digg,google,more", pubid: "ra-4dff56cd6bb1830b" }; Add to shortlist Link Permalink http://dx.doi.org/10.1080/13547860.2011.564755
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机译：本文研究了国家控制和所有权结构对中国股票市场上市公司杠杆决策的影响。我们的结果表明，国有企业（SOE）的杠杆率要高于非国有企业，而制度环境较差的地区的国有企业的杠杆率要高于较发达地区的国有企业。我们还表明，国有企业中最大的持股比例（最大股东所持股份的百分比）与杠杆比率具有负相关关系，而非国有企业的最大持股比例与短期和长期收益存在非线性关系。长期债务比率。最后，该研究还表明，股权分置改革和制度环境的改善在一定程度上削弱了国有企业和非国有企业最大持股与杠杆之间的消极关系，并增强了积极关系。本文记录了国有企业的融资行为如何受到政府干预的更多影响，而非国有企业的融资行为则更加以市场为导向。查看全文下载全文关键字资本结构，所有权结构，国有制，最大持股，区域机构发展JEL分类G30， G32Related var addthis_config = {ui_cobrand：“泰勒和弗朗西斯在线”，servicescompact：“ citlikelike，netvibes，twitter，technorati，delicious，linkedin，facebook，stumbleupon，digg，google，更多”，发布号：“ ra-4dff56cd6bb1830b”};添加到候选列表链接永久链接http://dx.doi.org/10.1080/13547860.2011.564755
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