The effects of the split share structure reform on Chinese listed firms' leverage decisions

Han Fang Tsai; Tsui Jung Lin; Jung Hua Hung

doi:10.1016/j.qref.2014.10.003

The effects of the split share structure reform on Chinese listed firms' leverage decisions

Han Fang Tsai, Tsui Jung Lin, Jung Hua Hung

企業管理學系

研究成果: 雜誌貢獻 › 期刊論文 › 同行評審

11 引文斯高帕斯（Scopus）

摘要

This paper examines the effects of China's split share structure reform on the leverage decisions of listed firms. The results show that there are two effects, multiple large shareholders and liquidity that affect the leverage ratio. In non-state controlled firms, multiple large shareholders are able to monitor the controlling shareholders which reduce the leverage ratio. However, in state-controlled firms, they collude with the controlling shareholders to expropriate through debt financing. State ownership plays a decisive role in driving multiple large shareholders to collude with the controlling shareholders.

原文	???core.languages.en_GB???
頁（從 - 到）	86-100
頁數	15
期刊	Quarterly Review of Economics and Finance
卷	57
DOIs	https://doi.org/10.1016/j.qref.2014.10.003
出版狀態	已出版 - 1 8月 2015

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10.1016/j.qref.2014.10.003

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title = "The effects of the split share structure reform on Chinese listed firms' leverage decisions",

abstract = "This paper examines the effects of China's split share structure reform on the leverage decisions of listed firms. The results show that there are two effects, multiple large shareholders and liquidity that affect the leverage ratio. In non-state controlled firms, multiple large shareholders are able to monitor the controlling shareholders which reduce the leverage ratio. However, in state-controlled firms, they collude with the controlling shareholders to expropriate through debt financing. State ownership plays a decisive role in driving multiple large shareholders to collude with the controlling shareholders.",

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N2 - This paper examines the effects of China's split share structure reform on the leverage decisions of listed firms. The results show that there are two effects, multiple large shareholders and liquidity that affect the leverage ratio. In non-state controlled firms, multiple large shareholders are able to monitor the controlling shareholders which reduce the leverage ratio. However, in state-controlled firms, they collude with the controlling shareholders to expropriate through debt financing. State ownership plays a decisive role in driving multiple large shareholders to collude with the controlling shareholders.

AB - This paper examines the effects of China's split share structure reform on the leverage decisions of listed firms. The results show that there are two effects, multiple large shareholders and liquidity that affect the leverage ratio. In non-state controlled firms, multiple large shareholders are able to monitor the controlling shareholders which reduce the leverage ratio. However, in state-controlled firms, they collude with the controlling shareholders to expropriate through debt financing. State ownership plays a decisive role in driving multiple large shareholders to collude with the controlling shareholders.

KW - Leverage ratio

KW - Liquidity

KW - Multiple large shareholders

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The effects of the split share structure reform on Chinese listed firms' leverage decisions

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