博碩士論文 984201044 詳細資訊




以作者查詢圖書館館藏 以作者查詢臺灣博碩士 以作者查詢全國書目 勘誤回報 、線上人數:13 、訪客IP:44.213.60.33
姓名 陳怡中(Yi Chung Chen)  查詢紙本館藏   畢業系所 企業管理學系
論文名稱 跨境上市對於企業負債比率的影響:以中國跨港上市公司為例
(The Influence of Cross-listing on the Corporate Debt Ratio:Evidence from Listed Firms in China)
相關論文
★ 股權分置對中國上市公司現金股利發放之影響★ 所有權結構與政治連結對股利政策之影響—以中國國有企業為例
★ 董監事最低持股成數規定之研究★ 合格境外機構投資人制度對投資/現金流量敏感度之影響
★ 從股票價格區間探討股票買回活動之資訊內涵★ 家族集團之盈餘管理行為
★ 股權結構與投資效率:中國上市公司之多重大股東實證研究★ 股權分置改革對中國上市公司現金持有的影響
★ 手機按鍵生命週期探討企業轉型之路★ 制度改革對於關係人交易的影響
★ 伊斯蘭教義、公司治理與營運資金管理對公司價值影響之研究—以印尼上市公司為例★ 股利宣告對股價超常報酬的影響-以台灣集團與非集團上市公司為例
★ 公司規模、股價、益本比、淨值市價比與股票超常報酬關係之實證研究★ 台灣股票上市公司營運資金管理相關議題之實證研究
★ 我國財務危機上市公司股權結構之探討★ 過度反應假說在台灣股票市場之實證研究
檔案 [Endnote RIS 格式]    [Bibtex 格式]    [相關文章]   [文章引用]   [完整記錄]   [館藏目錄]   至系統瀏覽論文 ( 永不開放)
摘要(中) 隨著資本市場的全球化,瞭解企業跨境上市的原因和影響成為日漸重要的課題。本文以1996年至2009年間中國跨港上市公司為樣本,利用非跨港上市之配對樣本與OLS迴歸模型檢驗:(1)跨境上市企業之負債水準是否低於未跨境上市者;(2)跨境上市一段時間後,企業負債水準是否有回升的現象;(3)國有控制程度低的企業之負債水準回升的程度是否大於國有控制程度高的企業。實證結果發現:(1)跨港上市企業之負債水準較非跨港企業低,說明中國跨港上市企業由跨境上市帶來的公司治理效果,對權益代理問題的改善可能比負債代理問題的改善明顯;(2)分別比較跨港上市三年、五年、十年以上與以下的公司,無法看出企業負債水準有回升的現象,反而跨境越久的企業其負債水準較低,說明跨境上市的聲譽提升、流動性增加等權益資金優勢,須經過一段時間後才明顯發揮作用;(3)跨港上市後,國有控制程度低的企業其負債水準回升的程度並未大於國有控制程度高的企業,事實上國有控制程度高的企業依然較依賴負債,此說明中國跨境企業中,對於國家控制程度較高者,國家持股較高更能夠取得負債融資,對於國家控制程度較低者,其負債比率較低,顯示跨境上市可以幫助他們以權益融資方式取得資金;(4)國家持股程度對中國跨港上市公司之負債水準有正向的影響,國家持股程度為造成負債水準差異的重要原因之一。
摘要(英) Understanding the reasons for and the impact of cross-listing has become a more and more important issue with the deepening globalization of capital markets. This study uses samples of Chinese listed companies that choose to cross-list on the Hong Kong Stock Exchange between 1996 and 2009 and adopts matched samples method and ordinary least squares analysis to investigate (1) whether the financial leverage level of cross-listed companies is lower than that of non-cross-listed companies; (2) whether the financial leverage level rises after cross-listing for a period of time; (3) whether the financial leverage level of companies whose state ownership is lower rises more than that of companies whose state ownership is higher.
The results are as follows. First, the debt ratio of cross-listed firms is lower than that of non-cross-listed firms, because amelioration of corporate governance resulted from cross-listing are more significant on equity agency problems than on debt agency problems. Second, by comparing the firms that cross-listed less and more than 3, 5, 10 years, we can’t find evidence that the leverage level rises. Instead, it appears that firms cross-listed longer have lower debt ratio, showing cross-listing advantages of reputation, liquigity, and so on which are beneficial to equity financing need a period of time to act apparently. Third, after cross-listing, the leverage of firms whose state ownership is lower doesn’t rise more than firms whose state ownership is higher. In fact, companies who have higher state ownership still rely more on debt financing. It states that for Chinese cross-listed firms, those who have higher state ownership can obtain debt financing because of their high state ownership and those who have lower state ownership have lower debt ratio because cross-listing help them get funds through equity financing. Finally, the state ownership has a positive influence on debt ratio of Chinese cross-listed firms. The ratio of state ownership is one of the important causes of financial leverage differences.
關鍵字(中) ★ 負債水準
★ 跨境上市
關鍵字(英) ★ Cross-listing
★ Financial Leverage
論文目次 中文提要 i
英文提要 ii
目錄 iii
表目錄 iv
圖目錄 iv
第壹章 緒論 1
第貳章 文獻探討與假說發展 7
第一節 跨境上市與中國上市公司的背景... …..7
第二節 公司治理與負債比率 10
第參章 研究設計 19
第一節 樣本篩選與資料來源 19
第二節 模型建立 21
第三節 變數衡量 23
第肆章 實證研究 28
第一節 敘述性統計分析 28
第二節 單變量統計分析 29
第三節 OLS迴歸結果分析 33
4-3-1 H1的實證結果 33
4-3-2 H2a與H2b的實證結果 35
4-3-3其他控制變數的實證結果 38
第四節 穩健性測試 39
4-4-1其他負債水準衡量方式 39
4-4-2國營企業樣本 39
第伍章 結論 41
附錄 穩健性測試之結果 43
參考文獻 55
參考文獻 Abdallah, A. A.-N. and C. Ioannidis, Why do firms cross-list? International evidence from the US market, Quarterly Review of Economics and Finance, 50(2), 202-213, 2010.
Allen, F., J. Qian and M. Qian, Law, finance, and economic growth in China, Journal of Financial Economics, 77(1), 57-116, 2005.
Alti, A., How persistent is the impact of market timing on capital structure? Journal of Finance, 61(4), 1681-1710, 2006.
Antoniou, A., Y. Guney and K. Paudyal, The determinants of capital structure capital market-oriented versus bank-oriented insitutions, Journal of Financial and Quantitative Analysis, 43 (1), 59-92, 2008.
Asquith, P. and D. Mullins, Equity issues and offering dilution, Journal of Financial Economics, 15(1-2), 61-89, 1986.
Ayyagari, M. and C. Doidge, Does cross-listing facilitate changes in corporate ownership and control? Journal of Banking and Finance, 34(1), 208-223, 2010.
Ayyagari, M., A. Demirgüç-Kunt and V. Maksimovic, Formal versus Informal Finance: Evidence from China, Review of Financial Studies, 23(8), 3048-3097, 2010a.
Ball, R. T., L. Hail and F. P. Vasvari, Equity cross-listings in the U.S. and the price of debt, Working Paper, 2010.
Bancel, F. and C. Mittoo, European managerial perceptions of the net benefits of foreign stock listings, European Financial Management, 7(2), 213-236, 2001.
Barth, J. R., G. C. Jr. and R. Levine, Bank regulation and supervision: What works best? Journal of Financial Intermediation, 13(2), 205-248, 2004.
Beck, T. and A. Demirguc-Kunt, Law and firms’ access to finance, American Law and Economics Review, 7(1), 211-252, 2005.
Berger, A. N., I. Hasan and M. Zhou, Bank ownership and efficiency in China: What will happen in the world’s largest nation? Journal of Banking and Finance, 33(1), 113-130, 2009.
Berger, P. G., E. Ofek and D. L. Yermack, Managerial entrenchment and capital structure decisions, Journal of Finance, 52(4), 1411-1438, 1997.
Berkman, H. and N. H. Nguyen, Domestic liquidity and cross-listing in the United States, Journal of Banking and Finance, 34(6), 1139-1151, 2010.
Booth, L., V. Aivazian, A. Demirguc-Kunt and V. Maksimovic, Capital structures in developing countries, Journal of Finance, 56(1), 87-130, 2001.
Bortolotti, B. and A. Beltratti, The nontradable share reform in the Chinese stock market, Working Paper, 2006.
Brandt, L. and H. Li, Bank discrimination in transition economies: Ideology, information or incentives? Journal of Comparative Economics, 31(3), 387-413, 2003.
Carlson, M., A.Fisherand R. Giammarino, Corporate investment and asset price dynamics: Implications for SEO event studies and long­run performance, Journal of Finance, 61(3), 1009-1033, 2006.
Chakrabarti, Rajesh and S. Sarkar, Corporate governance in an emerging market: What does the market trust? Working Paper, 2010.
Chava, S., D. Livdan and A. Purnanandam, Do shareholder rights affect the cost of bank loans? Review of Financial Studies, 22(8), 2973-3004, 2009.
Chen, G., M. Firth and L. Xu, Does the type of ownership control matter? Evidence from China’s listed companies, Journal of Banking and Finance, 33(1), 171-181, 2009.
Chen, G., M. Firth, Y. Xin and L. Xu, Control transfers, privatization, and corporate performance: Efficiency gains in China's listed companies, Journal of Financial and Quantitative Analysis, 43(1), 161-190, 2008.
Chen, J., Determinants of capital structure of Chinese-listed companies, Journal of Business Research, 57(12), 1341-1351, 2004.
Chen, K. C. W., Z. Chen and K.C. J. Wei, Legal protection of investors, corporate governance, and the cost of equity capital, Journal of Corporate Finance, 15(3), 273-289, 2009.
Chemmanur, T. J. and P. Fulghieri, Competition and cooperation among exchanges: A theory of cross-listing and endogenous listing standardsstar, Journal of Financial Economics, 82(2), 455-489, 2006.
Cheung, Y.-L., P. Jiang, P. Limpaphayom and T. Lu, Corporate governance in China: A step forward, European Financial Management, 16(1), 94-123, 2010.
Chua, C.T., C.S. Eun and S. Lai, Corporate valuation around the world: The effects of governance, growth, and openness, Journal of Banking and Finance, 31(1), 35-56, 2007.
Claessens, S. and S. Djankov, Politicians and firms in seven central and eastern European countries, Working Paper, 1998.
Claessens, S., S. Djankov and L. H. P. Lang, The separation of ownership and control in East Asian corporations, Journal of Financial Economics, 58(1-2), 81-112, 2000.
Claessens, S., S. Djankov, J. P. H. Fan and L. H. P. Lang, Disentangling the incentive and entrenchment effects of large shareholdings, Journal of Finance, 57(6), 2741-2771, 2002.
Claessens, S. and S. Schmukler, International financial integration through equity markets: Which firms from which countries go global? Journal of International Money and Finance, 26(5), 788-813, 2007.
Coffee, J, The future as history: The prospects for global convergence in corporate governance and its implications, Northwestern University Law Review, 93, 641-708, 1999.
Coffee, J., Racing towards the top? The impact of cross-listings and stock market competition on international corporate, Columbia Law Review, 102(7), 1757-1831, 2002.
Cosset, J.-C. and S. Meknassi, Does cross-listing in the US foster mergers and acquisitions and increase target shareholder wealth? Working Paper, 2010.
Cull, R. and L. C. Xu, Who gets credits? The behavior of bureaucrats and state banks in allocating credit to Chinese state-owned enterprises, Journal of Development Economics, 71(2), 533-559, 2003.
DeAngelo, H. and R. Masulis, Optimal capital structure under corporate and personal taxation, Journal of Financial Economics, 8(1), 3-29, 1980.
Delcoure, N., The determinants of capital structure in transitional economies, International Review of Economics and Finance, 16(3), 400-415, 2007.
DeMarzo, P. and B. Urosevic, Ownership dynamics and asset pricing with a large shareholder, Journal of Political Economy, 114(4), 774-815, 2006.
Demirgüç-Kunt, A. and V. Maksimovic, Institutions, financial markets, and firm debt maturity, Journal of Financial Economics, 54(3), 295-336, 1999.
Dobson, W. and A. K. Kashyap, The contradiction in China's gradualist banking reforms, Working Papers, 2006.
Doidge, C., G.A. Karolyi and R. M. Stulz, Why are foreign firms listed in the U.S. worth more? Journal of Financial Economics, 71(2), 205-238, 2004.
Doidge, C., G. A. Karolyi, K. V. Lins, D. P. Miller and R. M. Stulz, Private benefits of control, ownership, and the cross-listing decision, Journal of Finance, 64(1), 425-466, 2009.
Doidge, C., G. A. Karolyi and R. M. Stulz, Why do foreign firms leave U.S. equity markets? Journal of Finance, 65(4), 1507-1553, 2010.
Eckbo, E., R. Masulis and Ø. Norli, Seasoned public offerings: Resolution of the new issues puzzle, Journal of Financial Economics, 56(2), 251-91, 2000.
Errunza, V. R. and D. P. Miller, Market segmentation and the cost of capital in international equity markets, Journal of Financial and Quantitative Analysis, 35(4), 577-600, 2000.
Errunza, V. R. and E. Losq, International asset pricing under mild segmentation: Theory and test, Journal of Finance, 40(1), 105-124, 1985.
Fan, J. P. H., T. J. Wong and T. Zhang, Politically connected CEOs, corporate governance, and post-IPO performance of China's newly partially privatized firms, Journal of Financial Economics, 84(2), 330-357, 2007.
Fama, Eugene F. and M. C. Jensen, Separation of ownership and control, Journal of Law and Economics, 26(2), 301-325, 1983.
Fama, E. F. and K. R. French, Testing tradeoff and pecking order predictions about dividends and debt, Review of Financial Studies, 15(1), 1-33, 2002.
Ferris, S. P., K. A. Kim and G. Noronha, The Effect of crosslisting on corporate governance: A review of the international evidence, Corporate Governance: An International Review, 17(3), 338-352, 2009.
Fich, E. M. and A. Shivdasani, Are busy boards effective monitors? Journal of Finance, 61(2), 689-724, 2006.
Firth, M., Fung, P. M.Y. Fung and, O. M. Rui, Corporate performance and CEO compensation in China, Journal of Corporate Finance, 12(4), 693-714, 2006.
Firth, M., C. Lin and S. M. L. Wong, Leverage and investment under a state-owned bank lending environment: Evidence from China, Journal of Corporate Finance, 14(5), 642-653, 2008.
Firth, M., C. Lin, P. Liu and S. M. L. Wong, Inside the black box: Bank credit allocation in China’s private sector, Journal of Banking and Finance, 33(6), 1144-1155, 2009.
Foerster, S. R. and G. A. Karolyi, The long-run performance of global equity offerings, Journal of Financial and Quantitative Analysis, 35(4), 499-528, 2000.
Foerster, S. R. and G. A. Karolyi, The effects of market segmentation and investor recognition on asset prices: Evidence from foreign stocks listing in the United States, Journal of Finance, 54(3), 981-1013, 1999.
Fukuda, A. and S. Hirota, Main bank relationships and capital structure in Japan, Journal of the Japanese and International Economies, 10(3), 250-261, 1996.
Gatchev, V. A., P. A. Spindt and V. Tarhan, How do firms finance their investments? The relative importance of equity issuance and debt contracting costs, Journal of Corporate Finance, 15(2), 179-195, 2009.
Guedhami, O. and D. Mishra, Excess control, corporate governance and implied cost of equity: International evidence, Financial Review, 44(4), 489-524, 2009.
Guo, C., Y. Liangyuan and K. Changwen, Understanding the Chinese stock market, Journal of Corporate Accounting and Finance, 18(6), 13-20, 2007.
Hail, L. and C. Leuz, Cost of capital effects and changes in growth expectations around U.S. cross-listings, Journal of Financial Economics, 93(3), 428-454, 2009.
Hart, Oliver and J. Moore, Debt and seniority: An analysis of the role of hard claims in constraining management, American Economic Review, 85(3), 567-85, 1995.
Hartzell, J. and L.T. Starks, Institutional investors and executive compensation, Journal of Finance, 58(6), 2351-2374, 2003.
Henderson, B., N. Jegadeesh and M. Weisbach, World markets for raising new capital, Journal of Financial Economics, 82(1), 63-101, 2006.
Hovey, M., Leverage, Profitability and the ownership structures of listed firms in China, 20th Australasian Finance and Banking Conference, 2007.
Hovakimian, A., The role of target leverage in security issues and repurchases, Journal of Business, 77(4), 1041-1071, 2004.
Hu, Y. and X. Zhou, The performance effect of managerial ownership: Evidence from China, Journal of Banking and Finance, 32(10), 2099-2110, 2008.
Huang, R. and J. R. Ritter, Testing theories of capital structure and estimating the speed of adjustment, Journal of Financial and Quantitative Analysis, 44(2), 237-271, 2009.
Hung, M., T. J. Wong and T. Zhang, Political relations and overseas stock exchange listing: Evidence from Chinese state-owned enterprises, Working Paper, 2008.
Jegadeesh N. and S. Titman, Returns to buying winners and selling losers: Implications for stock market efficiency, Journal of Finance, 48(1), 65-91, 1993.
Jensen, M. and W. Meckling, Theory of the firm: Managerial behavior, agency costs, and ownership structure, Journal of Financial Economics, 3(4), 305-360, 1976.
Jensen, M. C., Agency costs of free cash flow, corporate finance and takeovers, American Economic Review, 76(2), 323-329, 1986.
Jensen, M. C., Eclipse of the public corporation, Harvard Business Review, 67(5), 61-74, 1989.
Jensen, M., The modern industrial revolution, exit, and failure of internal control systems, Journal of Finance, 48, 35-44, 1993.
Jiang, G., H. Yue and L. Zhao, A re-examination of China’s share issue privatization, Journal of Banking and Finance, 33(12), 2322-2332, 2009.
Jiang, G., C. M. C. Lee and H. Yue, Tunneling through intercorporate loans: The China experience, Journal of Financial Economics, 98(1), 1-20, 2010.
Jong, A. D., R. Kabir and T. T. Nguyen, Capital structure around the world: The roles of firm- and country-specific determinants, Journal of Banking and Finance, 32(9), 1954-1969, 2008.
Kadlec, G. B. and J. J. McConnell, The effect of market segmentation and illiquidity on asset prices: Evidence from exchange listings, Journal of Finance, 49(2), 611-636, 1994.
Karolyi, G. A., Why do companies list shares abroad? A survey of the evidence and its managerial implications, Financial Markets, Institutions and Instruments, 7(1), 1-60, 1998.
Knyazeva, A., D. Knyazeva and J. Stiglitz, Ownership changes and access to external financing, Journal of Banking and Finance, 33(10), 1804-1816, 2009.
Korczak, P. and M. Bohl, Empirical evidence on cross-listed stocks of Central and Eastern European companies, Emerging Markets Review, 6(2), 121-137, 2005.
Lang, M. H., K. V. Lins, and D. P. Miller, ADRs, analysts, and accuracy: Does cross listing in the United States improve a firm’s information environment and increase market value? Journal of Accounting Research, 41(2), 317-345, 2003.
Lang, M. H., K. V. Lins and D. P. Miller, Concentrated control, analyst following, and valuation: Do analysts matter most when investors are protected least? Journal of Accounting Research, 42(3), 589-623, 2004.
La Porta, R., F. Lopez-de-Silanes and A. Shleifer, Corporate ownership around the world, Journal of Finance, 54(2), 471-517, 1999.
La Porta, R., F. Lopez-de-Silanes and A. Shleifer, Government ownership of banks, Journal of Finance, 57(1), 265-301, 2002.
La Porta, R., F. Lopez-de-Silanes, A. Shleifer and R. Vishny, Investor protection and corporate valuation, Journal of Finance, 57(3), 1147-1170, 2002.
Lazarides, T. and E. Pitoska, Corporate governance and debt to equity ratio, Working Paper, 2010.
Leary, Mark T. and M. R. Roberts, The pecking order, debt capacity, and information asymmetry, Journal of Financial Economics, 95(3), 332-355, 2010.
Lesmond, D. A., Liquidity of emerging markets, Journal of Financial Economics, 77(2), 411-452, 2005.
Leuz, C., Discussion of ADRs, analysts, and accuracy: Does cross listing in the United States improve a firm’s information environment and increase market value? Journal of Accounting Research, 41(2), 347-362, 2003.
Lev, B., Toward a theory of equitable and efficient accounting policy, Accounting Review, 63(1), 1-20, 1988.
Levine, R. and S. L. Schmukler, Internationalization and stock market liquidity, Review of Finance, 10(1), 153-187, 2006.
Li, K., H. Yue and L. Zhao, Ownership, institutions, and capital structure: Evidence from China, Journal of Comparative Economics, 37(3), 471-490, 2009.
Lin, C. and D. Su, Industrial diversification, partial privatization and firm valuation: Evidence from publicly listed firms in China, Journal of Corporate Finance, 14(4), 405-417, 2008.
Lins, K. V., D. Strickland and M. Zenner, Do non-U.S. firms issue equity on U.S. stock exchanges to relax capital constraints? Journal of Financial and Quantitative Analysis, 40(1), 109-133, 2005.
Lipson, M. L. and S. Mortal, Liquidity and capital structure, Journal of Financial Markets, 12(4), 611-644, 2009.
Liu, H. and M. W. L. Fong, Board characteristics of medium and large Chinese companies, Corporate Governance, 10(2), 163-175, 2010.
Masulis, R., and A. Korwar, Seasoned equity offerings: An empirical investigation, Journal of Financial Economics, 15(1-2), 91-118, 1986.
McConnell, J. J. and H. Servaes, Equity ownership and the two faces of debt, Journal of Financial Economics, 39(1), 131-157, 1995.
Miller, D., The market reaction to international cross-listings: Evidence from depository receipts, Journal of Financial Economics, 51(1), 103-123, 1999.
Modigliani, F. and Miller, M. H., Taxes and the cost of capital: A correction, American Economic Review, 53(3), 433-43, 1963.
Myers, S. C., Determinants of corporate borrowing, Journal of Financial Economics, 5(2), 147-175, 1977.
Myers, S. and N. Majluf, Corporate financing and investment decisions when firms have information that investors do not have, Journal of Financial Economics, 13(2), 187-221, 1984.
Ni, Y., S. Guo and D. Giles, Capital structures in an emerging market: A duration analysis of the time interval between IPO and SEO in China, Applied Financial Economics, 20(19), 1531-1545, 2010.
Noronha, G. M, A. Sarin and S. M. Saudagaran, Testing for micro-structure effects of international dual listings using intraday data, Journal of Banking and Finance, 20(6), 965-983, 1996.
Pagano, M., A. A Röell and J. Zechner, The geography of equity listing: Why do companies list abroad? Journal of Finance, 57(6), 2651-2694, 2002.
Qian, Y., Enterprise reform in China: Agency problems and political control, Economics of Transition, 4(2), 427-447, 1996.
Rajan, R. G. and L. Zingales, What do we know about capital structure? Some evidence from international data, Journal of Finance, 50(5), 1421-1460, 1995.
Reese, W. A. and M. S. Weisbach, Protection of minority shareholder interests, cross-listings in the United States, and subsequent equity offerings, Journal of Financial Economics, 66(1), 65-104, 2002.
Roberts, M. R. and A. Sufi, Control rights and capital structure: An empirical investigation, Journal of Finance, 64(4), 1657-1695, 2009.
Ross, S, The determination of financial structure: The incentive signaling approach, Bell Journal of Economics, 8(1), 23-40, 1977.
Sami, H. and H. Zhou, The economic consequences of increased disclosure: Evidence from cross-listings of Chinese firms, Journal of International Financial Management and Accounting, 19(1), 1-27, 2008.
Sarkissian, S. and M. J. Schill, Are there permanent valuation gains to overseas listing? Review of Financial Studies, 22(1), 371-412, 2008.
Saudagaran, S. M., An empirical study of selected factors influencing the decision to list on foreign stock exchanges, Journal of International Business Studies, 19(1), 101-127, 1988.
Shleifer, A. and D. Wolfenzon, Investor protection and equity markets, Journal of Financial Economics, 66(1), 3-27, 2002.
Shieifer, A. and R. W. Vishny, Politicians and firms, Quarterly Journal of Economics, 109(4), 995-1025, 1994.
Shleifer, A. and R. W. Vishny, A survey of corporate governance, Journal of Finance, 52(2), 737-783, 1997.
Singh, D. A. and A. S. Gaur, Business group affiliation, firm governance, and firm performance: Evidence from China and India, Corporate Governance: An International Review, 17(4), 411-425, 2009.
Stapleton, R. C. and M. G. Subrahmanyam, Market imperfections, capital market equilibrium and corporation finance, Journal of Finance, 32(2), 307-319, 1977.
Stoughton, N. M, K. P. Wong and J. Zechner, IPOs and product quality, Journal of Business, 74(3), 375-408, 2001.
Stulz, R. M., Globalization of equity markets and the cost of capital, Journal of Applied Corporate Finance, 12(3), 8-25, 1999.
Titman, S. and R.Wessels, The determinants of capital structure choice, Journal of Finance, 43(1), 1-19, 1988.
Utrero-Gonzáleza, N, Banking regulation, institutional framework and capital structure: International evidence from industry data, Quarterly Review of Economics and Finance, 47(4), 481-506, 2007.
Wald, J. K, How firm characteristics affect capital structure: An international comparison, Journal of Financial Research, 22(2), 161-87, 1999.
Wei, G. and M. Geng, Ownership structure and corporate governance in China: Some current issues, Managerial Finance, 34(12), 934-952, 2008.
Wei, Z., F. Xia and S. Zhang, Ownership structure and firm value in China’s privatized firms: 1991-2001, Journal of Financial and Quantitative Analysis, 40(1), 87-108, 2005.
Wu, C. Y., Consequences of cross listing in the U.S.: Changes in leverage and corporate governance, Working paper, 2008.
Wu, L. and H. Yue, Corporate tax, capital structure, and the accessibility of bank loans: Evidence from China, Journal of Banking and Finance, 33(1), 30-38, 2009.
Wu, S., N. Xu and Q. Yuan, State control, legal investor protection, and ownership concentration: Evidence from China, Corporate Governance: An International Review, 17(2), 176-192, 2009.
Yeh, Y.-H., P.-G. Shu, T.-S. Lee and Y.-H. Su, Non-tradable share reform and corporate governance in the Chinese stock market, Corporate Governance: An International Review, 17(4), 457-475, 2009.
指導教授 洪榮華、張力 審核日期 2011-6-18
推文 facebook   plurk   twitter   funp   google   live   udn   HD   myshare   reddit   netvibes   friend   youpush   delicious   baidu   
網路書籤 Google bookmarks   del.icio.us   hemidemi   myshare   

若有論文相關問題,請聯絡國立中央大學圖書館推廣服務組 TEL:(03)422-7151轉57407,或E-mail聯絡  - 隱私權政策聲明