논문 상세보기

Does Capital Structure Affect Firm Performance? Analysis of Panel Threshold Effect in the Case of GEM Listing Corporation

  • 언어ENG
  • URLhttps://db.koreascholar.com/Article/Detail/316773
서비스가 종료되어 열람이 제한될 수 있습니다.
한중경제문화연구 (Korea-China Economic & Cultural Review)
한중경제문화학회 (Korea-China Economic & Cultural District Association)
초록

This paper takes 36 companies as sample which are first listed in growth enterprise market, using panel threshold regression to verify the relationship between capital structure and corporate performance. After considering dividends, scale growth, investment diversification, managerial ownership and other factors, the empirical result is consistent with the trade-off theory, that is, there exists optimal capital structure according to listing companies in GEM market. The relationship between capital structure and corporate performance is nonlinear, when liability ratio is below 0.1769, increase the liability ratio can improve corporate performance, and when liability ratio is above 0.1769, increases the liability ratio can reduce corporate performance. As a result, GEM companies should use financial leverage appropriately, in order to realize the goal of corporate value maximization.

목차
Ⅰ. Introduction
 Ⅱ. Literature Review
  1. Capital Structure Theory
  2. Relationship between capital structure and firm performance in China’s GEM market
 Ⅲ. Empirical Study
  1. Sample and variable
  2. Model and method
  3. Empirical results and analysis
 Ⅳ. Conclusion and Suggestion
 REFERENCES
 
저자
  • Zhang, Xiaoyan(Business School of Shandong Normal University, China)