Debt Financing and Corporate Government——An Empirical Research of Private Listed Corporations in China
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Taking private listed corporations as sample,this paper tests the hypotheses——debt financing can increase firms' market value.The result of this paper supports the conclusion that debt financing affects corporate governance and is positively related to firm's market value.This paper discloses that some improvements must be taken in debt financing of listed corporations by further analyzing,and proposes some suggestions on it.Keywords:
Debt financing
Value (mathematics)
Corporate Finance
Sample (material)
Debt ratio
Empirical Research
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The paper firstly analyses the reasons why the effect of debt governance is weak in China's listed companies,and then verifies the difference of the effect of debt governance in China's state and non-state ownership listed companies respectively.The paper finds out that debt financing can not control the deputy costs and improve the performance.The effect of debt governance of non-state ownership listed companies is worse than state ownership listed companies.
Debt ratio
Debt financing
State ownership
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Our country is now listed the capital structure of the four existing financing more,the source of finance,debt financing,equity and debt financing flows are less,long-term debt problems.China capital market is not perfect,corporate governance structure,the company's profit distribution and causes of these is the main cause.In order to optimize the capital structure of a listed company,we must improve the capital market structure and improving corporate governance structure,improve the company's profits.
Equity financing
Listed company
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To study the influence of debt financing on company's performance,this paper constructs the principal component predicting model of debt financing through principal component analysis,then conducts an empirical study of 710 listed companies in China whose financial data in the year 2008 and 2009 is demarcated by the asset-liability ratio.The empirical results show that the proportion of debt financing of listed company is not as commonly assumed,having a simple linear relationship with the corporate governance performance,but at different rates of assets-liability ratio it showed a different range of correlation.
Debt ratio
Debt financing
Empirical Research
Corporate debt
Listed company
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This paper analyses the characteristics of capital structure of Chinese listed companies from average balance sheet,financing trend,external financing source comparison and financing behaviors et al.The study finds that,the debt percentage in Chinese listed companies capital structure is relatively low,while the short-term debt percentage is high,and the ratio of long-term debt is low.Chinese listed companies excessively depend on external financing.There are mainly equity financing in external financing and they have a keen preferences for equity financing.
Equity financing
Debt financing
Equity
External financing
Internal financing
Gearing ratio
Debt ratio
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Debt financing
Corporate Finance
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The concept of debt financing has assumed considerable importance in recent years given the fundamental role debts now play in forming the financial structure of corporate firms.Quite evident in the debt finance literature is the juxtaposition between debt financing and corporate performance which suggests that debt financing can influence corporate performance.Against the narrow measures of debt financing which are common with most studies that have been carried out on the debt finance-performance dynamics; we attempted a more robust combination of debt finance choices in modelling for corporate performance.Based on data gleaned from the audited annual reports of fifteen ( 15) consumer goods firms listed in the Nigerian Stock Exchange (NSE) for the period 2006 to 2017, results of the panel regression technique revealed that total debt, long-term debt and short-term debt to asset ratios positively influence the performance of consumer goods firms in Nigeria.Based on the findings of the study, we recommend, among others, that there is need for the Nigerian firms to rely less on short-term debts, which forms the major part of their leverage, and focus more on developing internal strategies that can help improve their performance.
Debt financing
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Debt financing is an important way of financing in a listed company. It affects the company's capital structure directly and also has a great impact on the company's financial performance. The real estate industry has a long development cycle and a huge amount of investment, which also determines the study about the impact of debt financing on its performance has a certain realistic significance. This paper views the real estate listed companies as the object of study and uses multiple linear regression model to analyze the relationship between debt financing and corporate performance. It shows that there is a negative correlation between corporate performance and asset-liability ratio. It also provides a lot of useful strategies for real estate listed corporation's debt financing based on the analysis results.
Debt financing
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Debt financing has grown rapidly in recent year. Debt financing is one of the common ways for company to increase their capital to run their business. This study focuses on the debt financing towards firm profitability of manufacturing companies listed in Bursa Malaysia. By applying trade-off theory and pecking order theory, this study predicts there are significant relationship on debt financing towards firm profitability. This research would further collect debt financing data of listed manufacturing companies in Malaysia and analyse the relationship by descriptive analysis and regression analysis. This study used 23 companies to determine the debt financing towards firm profitability of the listed manufacturing companies in Malaysia. The data was taken for the period of 8 years which were from 2010 to 2018. The independent variables were debt ratio, long term debt and short-term debt while the dependent variable was the return on equity and used to measure the firm’s performance. The findings will be useful for policymaker and listed manufacturing companies in Malaysia to make better debt financing decisions. Findings of this research will also aid in maintaining an optimum capital structure and maximize the stockholder’s wealth of the listed manufacturing companies in Malaysia.
Pecking order theory
Debt ratio
Internal financing
Debt financing
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Retracted.
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The Chinese listed companies prefer equity financing against debt financing according to the statistics. This paper analyzes on the causes and consequences of this problem, and puts forward some improving proposals.
Equity financing
Equity
Debt financing
Risk financing
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