The dynamic characteristics and influencing factors of debt structure of the public companies in China

Design/methodology/approach: Learned from Leary (2009), Konstantinos Voutsinas and Richard A.Werner (2011), this study designs a model of debt maturity structure with an unbalanced panel data set. It consists of 1352 Chinese listed companies with8124 observations during the period of 2003-2011. Haus...

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Detalles Bibliográficos
Autores: Piao, Zhefan, Feng, Xiaoqi
Tipo de recurso: artículo
Fecha de publicación:2013
País:España
Institución:Universitat Politècnica de Catalunya (UPC)
Repositorio:UPCommons. Portal del coneixement obert de la UPC
Idioma:inglés
OAI Identifier:oai:upcommons.upc.edu:2099/14136
Acceso en línea:https://hdl.handle.net/2099/14136
Access Level:acceso abierto
Palabra clave:Debts, Public -- China
Government business enterprises -- China
Maturity structure
Debt structure
Dynamic characteristics
Panel data
Deute públic -- Xina
Empreses públiques -- Xina
Àrees temàtiques de la UPC::Economia i organització d'empreses::Economia regional
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oai_identifier_str oai:upcommons.upc.edu:2099/14136
network_acronym_str ES
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repository_id_str
spelling The dynamic characteristics and influencing factors of debt structure of the public companies in ChinaPiao, ZhefanFeng, XiaoqiDebts, Public -- ChinaGovernment business enterprises -- ChinaMaturity structureDebt structureDynamic characteristicsPanel dataDeute públic -- XinaEmpreses públiques -- XinaÀrees temàtiques de la UPC::Economia i organització d'empreses::Economia regionalDesign/methodology/approach: Learned from Leary (2009), Konstantinos Voutsinas and Richard A.Werner (2011), this study designs a model of debt maturity structure with an unbalanced panel data set. It consists of 1352 Chinese listed companies with8124 observations during the period of 2003-2011. Hausman test hasbeen used, and the findings support the fixed effects model.Findings: Besidesthe factors that have been confirmed by previous researches, debt maturitystructure is also sensitive to other factors, such as economicexpectations, monetary policy, financial restrictions and changes in tax rates.Research limitations/implications: There are still many cases, which affect the debt maturitystructure, are worth of further exploring, for instance, the impactof lagged monetary policy, the determinants of short-term debt ratio and thecost of operating.Practical implications: From the macro point of view, research in this area enable thegovernment to introduce more suitable policies that direct and promote thedevelopment of the bond market, thus it spurs corporations to choose theproper finance structure. From the micro point of view, firms can learn fromthe research to choose the efficient method and term of financing as well asdebt structure.Originality/value: In some way, conclusions of this papercontribute to the study of dynamic characteristics and factors of debt maturitystructure in Chinese listed companies.Peer ReviewedSchool of Industrial and Aeronautic Engineering of Terrassa (ETSEIAT). Universitat Politècnica de Catalunya (UPC)20132013-12-0120142014-01-07journal articlehttp://purl.org/coar/resource_type/c_6501NAhttp://purl.org/coar/version/c_be7fb7dd8ff6fe43info:eu-repo/semantics/articleapplication/pdfhttps://hdl.handle.net/2099/14136reponame:UPCommons. Portal del coneixement obert de la UPCinstname:Universitat Politècnica de Catalunya (UPC)Inglésengopen accesshttp://purl.org/coar/access_right/c_abf2Attribution-NonCommercial 3.0 Spainhttp://creativecommons.org/licenses/by-nc/3.0/es/info:eu-repo/semantics/openAccessoai:upcommons.upc.edu:2099/141362026-05-27T15:37:01Z
dc.title.none.fl_str_mv The dynamic characteristics and influencing factors of debt structure of the public companies in China
title The dynamic characteristics and influencing factors of debt structure of the public companies in China
spellingShingle The dynamic characteristics and influencing factors of debt structure of the public companies in China
Piao, Zhefan
Debts, Public -- China
Government business enterprises -- China
Maturity structure
Debt structure
Dynamic characteristics
Panel data
Deute públic -- Xina
Empreses públiques -- Xina
Àrees temàtiques de la UPC::Economia i organització d'empreses::Economia regional
title_short The dynamic characteristics and influencing factors of debt structure of the public companies in China
title_full The dynamic characteristics and influencing factors of debt structure of the public companies in China
title_fullStr The dynamic characteristics and influencing factors of debt structure of the public companies in China
title_full_unstemmed The dynamic characteristics and influencing factors of debt structure of the public companies in China
title_sort The dynamic characteristics and influencing factors of debt structure of the public companies in China
dc.creator.none.fl_str_mv Piao, Zhefan
Feng, Xiaoqi
author Piao, Zhefan
author_facet Piao, Zhefan
Feng, Xiaoqi
author_role author
author2 Feng, Xiaoqi
author2_role author
dc.subject.none.fl_str_mv Debts, Public -- China
Government business enterprises -- China
Maturity structure
Debt structure
Dynamic characteristics
Panel data
Deute públic -- Xina
Empreses públiques -- Xina
Àrees temàtiques de la UPC::Economia i organització d'empreses::Economia regional
topic Debts, Public -- China
Government business enterprises -- China
Maturity structure
Debt structure
Dynamic characteristics
Panel data
Deute públic -- Xina
Empreses públiques -- Xina
Àrees temàtiques de la UPC::Economia i organització d'empreses::Economia regional
description Design/methodology/approach: Learned from Leary (2009), Konstantinos Voutsinas and Richard A.Werner (2011), this study designs a model of debt maturity structure with an unbalanced panel data set. It consists of 1352 Chinese listed companies with8124 observations during the period of 2003-2011. Hausman test hasbeen used, and the findings support the fixed effects model.Findings: Besidesthe factors that have been confirmed by previous researches, debt maturitystructure is also sensitive to other factors, such as economicexpectations, monetary policy, financial restrictions and changes in tax rates.Research limitations/implications: There are still many cases, which affect the debt maturitystructure, are worth of further exploring, for instance, the impactof lagged monetary policy, the determinants of short-term debt ratio and thecost of operating.Practical implications: From the macro point of view, research in this area enable thegovernment to introduce more suitable policies that direct and promote thedevelopment of the bond market, thus it spurs corporations to choose theproper finance structure. From the micro point of view, firms can learn fromthe research to choose the efficient method and term of financing as well asdebt structure.Originality/value: In some way, conclusions of this papercontribute to the study of dynamic characteristics and factors of debt maturitystructure in Chinese listed companies.
publishDate 2013
dc.date.none.fl_str_mv 2013
2013-12-01
2014
2014-01-07
dc.type.none.fl_str_mv journal article
http://purl.org/coar/resource_type/c_6501
NA
http://purl.org/coar/version/c_be7fb7dd8ff6fe43
dc.type.openaire.fl_str_mv info:eu-repo/semantics/article
format article
dc.identifier.none.fl_str_mv https://hdl.handle.net/2099/14136
url https://hdl.handle.net/2099/14136
dc.language.none.fl_str_mv Inglés
eng
language_invalid_str_mv Inglés
language eng
dc.rights.none.fl_str_mv open access
http://purl.org/coar/access_right/c_abf2
Attribution-NonCommercial 3.0 Spain
http://creativecommons.org/licenses/by-nc/3.0/es/
dc.rights.openaire.fl_str_mv info:eu-repo/semantics/openAccess
rights_invalid_str_mv open access
http://purl.org/coar/access_right/c_abf2
Attribution-NonCommercial 3.0 Spain
http://creativecommons.org/licenses/by-nc/3.0/es/
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv application/pdf
dc.publisher.none.fl_str_mv School of Industrial and Aeronautic Engineering of Terrassa (ETSEIAT). Universitat Politècnica de Catalunya (UPC)
publisher.none.fl_str_mv School of Industrial and Aeronautic Engineering of Terrassa (ETSEIAT). Universitat Politècnica de Catalunya (UPC)
dc.source.none.fl_str_mv reponame:UPCommons. Portal del coneixement obert de la UPC
instname:Universitat Politècnica de Catalunya (UPC)
instname_str Universitat Politècnica de Catalunya (UPC)
reponame_str UPCommons. Portal del coneixement obert de la UPC
collection UPCommons. Portal del coneixement obert de la UPC
repository.name.fl_str_mv
repository.mail.fl_str_mv
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score 15.223283

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