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Capital Structure and Growth: Evidence from China’s Listed Companies

In: Proceedings of 20th International Conference on Industrial Engineering and Engineering Management

Author

Listed:
  • Li-ping Xiao

    (Northeastern University at Qinhuangdao)

  • Zhe Liu

    (Northeastern University at Qinhuangdao)

  • Zhe Li

    (Northeastern University at Qinhuangdao)

Abstract

Using the annual data of China’s listed companies of manufacturing industry from 2006 to 2011, we establish panel data models and make regression analysis to study the capital structure and capital policy of growing firms. When associated variables controlled, empirical results show that the debt ratio is higher in growing firms, especially long term debt, and the cash holdings and dividend is lower in growing companies. Our result reveals that growing firms make full use of capital inside and outside the companies and the growth of the firms needs the support of debt, especially long term debt.

Suggested Citation

  • Li-ping Xiao & Zhe Liu & Zhe Li, 2013. "Capital Structure and Growth: Evidence from China’s Listed Companies," Springer Books, in: Ershi Qi & Jiang Shen & Runliang Dou (ed.), Proceedings of 20th International Conference on Industrial Engineering and Engineering Management, edition 127, pages 777-785, Springer.
    • Handle: RePEc:spr:sprchp:978-3-642-40072-8_78
    DOI: 10.1007/978-3-642-40072-8_78
    as

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