| The Capital Structure Choice of Financial Distressed Firms: Evidence from China |
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| 作者姓名： | ZENG Hong CHEN Xin- gut HU Yu- ling |
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| 作者单位： | 1. College of Economics and Business Administration, Chongqing University, Chongqing 400030, P. R. China; 2. School of Management, Xiamen University, Xiamen 361005, P. R. China; 3. President office, Chongqing University, Chongqing 400030, P. R. China |
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| 摘 要： | To study on how to choose the optimal capital structure for financial distressed listed firms,the difference of the factors influencing the capital structure and the adjusting procedure between non-distressed firms and distressed firms is analyzed.It shows that the high debt ratio of the distressed firms is significantly related with the proportion of the largest shareholder and the concentration of the share structure.However,the proportion of largest shareholder has little effect on the adjustment of capital structure.Therefore,to solve the problem of distressed firms,it will depend not only on the improvement of corporate governance,but also on the optimization of financial channels.
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| 关 键 词： | financial distress listed companies capital structure |
| 收稿时间： | 2005/12/25 0:00:00 |
| 修稿时间： | 2005/12/25 0:00:00 |
The Capital Structure Choice of Financial Distressed Firms: Evidence from China |
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| ZENG Hong,CHEN Xin- gut,HU Yu- ling.The Capital Structure Choice of Financial Distressed Firms: Evidence from China[J].Storage & Process,2006(3):119-122. |
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| Authors: | ZENG Hong CHEN Xin- gut HU Yu- ling |
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| Institution: | 1. College of Economics and Business Administration, Chongqing University, Chongqing 400030, P. R. China; 2. School of Management, Xiamen University, Xiamen 361005, P. R. China; 3. President office, Chongqing University, Chongqing 400030, P. R. China |
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| Abstract: | To study on how to choose the optimal capital structure for financial distressed listed firms,the difference of the factors influencing the capital structure and the adjusting procedure between non-distressed firms and distressed firms is analyzed.It shows that the high debt ratio of the distressed firms is significantly related with the proportion of the largest shareholder and the concentration of the share structure.However,the proportion of largest shareholder has little effect on the adjustment of capital structure.Therefore,to solve the problem of distressed firms,it will depend not only on the improvement of corporate governance,but also on the optimization of financial channels. |
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| Keywords: | financial distress listed companies capital structure |
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