Capital structure is the basis for assessing the efficiency of enterprise financing activity. The rational capital structure could reduce the cost of capital and plays an important role in managing a company. Thus thi...Capital structure is the basis for assessing the efficiency of enterprise financing activity. The rational capital structure could reduce the cost of capital and plays an important role in managing a company. Thus this paper, based on the real estate listed companies on Shenzhen and Shanghai stock markets, analyzes the factors which influence capital structure, such as profitability, size, collateral value of assets, growth, stockholder’s equity, concentration degree of control power, ownership attribute, and applied statistics tools used to help the real estate listed companies optimize the structure of capital.展开更多
Based on the determinative factors school of capital structure theory, this paper uses the data of 35 Chinese energy listed companies from 2000 to 2003, and adopts multi-variable regression method to make an empirical...Based on the determinative factors school of capital structure theory, this paper uses the data of 35 Chinese energy listed companies from 2000 to 2003, and adopts multi-variable regression method to make an empirical study of the influencing factors of their capital structure. The results indicate that the factors of size, income volatility, and the concentration of owner’s equity have positive relation with the capital structure, while the relation between profit- ability and capital structure is negative. It is also found that the influencing of growth and secured asset on the capital structure are relatively insignificant.展开更多
Board of directors is one of the important parts of the corporate internal governance mechanism. Using panel data from 144 China＇s private listed companies during 2001-2003, this paper empirically studies the relatio...Board of directors is one of the important parts of the corporate internal governance mechanism. Using panel data from 144 China＇s private listed companies during 2001-2003, this paper empirically studies the relationship between board characteristics and capital structure with the methods of pooled OLS, first-order difference model and fixed ,effect model.展开更多
The purpose of this paper is to investigate the relationship between investor protection, ownership structure and corporate valuation. La Porta showed that there existed a simple linear relationship between corporate ...The purpose of this paper is to investigate the relationship between investor protection, ownership structure and corporate valuation. La Porta showed that there existed a simple linear relationship between corporate valuation and the holding percentage of controlling shareholders. But recent empirical evidence does not support it. A nonlinear relationship is proved between ownership structure and corporate valuaton by relaxing the assumption of La Porta＇s model in this paper. There exists a positive relation between investor protection and corporate valuation. Our empirical research shows that this relation is significantly positive indeed.展开更多
Utilization of urban underground space has become a vital approach to alleviate the strain on urban land resources,and to optimize the structure and pattem of the city.It is also very important to improve the city env...Utilization of urban underground space has become a vital approach to alleviate the strain on urban land resources,and to optimize the structure and pattem of the city.It is also very important to improve the city environment,build livable city and increase the capacity of the city.Based on the analysis of existing evaluation methods and their problems,a method for evaluating underground space resources based on a negative list of adverse factors affecting underground space development is proposed,to be primarily used in urban planning stages.A list of the adverse factors is established,including limiting factors,constraining factors and influencing factors.Taking Xi'an as an example,using a geographical information system platform,a negative list of adverse factors for the underground space resources in Xi'an City are evaluated,and preventive measures are proposed.Natural resources,exploitable resources,and the potential growth of exploitable underground space resources are evaluated.Underground space assessment in the different development stages of the city,collaborative utilization and safety evaluation for multiple subsurface resources,environmental impact and assessment,as well as evaluation methods based on big data and intelligent optimization algorithms are all discussed with the aim of serving city planning and construction.展开更多
The dual agency relation and lack of effective incentive and restraint mechanism make stock right structure of China's listed companies special.This special stock right structure will inevitably exert direct and p...The dual agency relation and lack of effective incentive and restraint mechanism make stock right structure of China's listed companies special.This special stock right structure will inevitably exert direct and profound influence on formulation of cash dividend policies.Based on the 2007 to 2010 data of China's agricultural listed companies and focusing on the stock right structure,this paper selected 6 indicators and the BP ANN to build the cash dividend policy identification model,in the hope of helping investors accurately predict influence of stock right structure on cash dividend policies,so as to reduce investment risk to some extent.展开更多
文摘Capital structure is the basis for assessing the efficiency of enterprise financing activity. The rational capital structure could reduce the cost of capital and plays an important role in managing a company. Thus this paper, based on the real estate listed companies on Shenzhen and Shanghai stock markets, analyzes the factors which influence capital structure, such as profitability, size, collateral value of assets, growth, stockholder’s equity, concentration degree of control power, ownership attribute, and applied statistics tools used to help the real estate listed companies optimize the structure of capital.
文摘Based on the determinative factors school of capital structure theory, this paper uses the data of 35 Chinese energy listed companies from 2000 to 2003, and adopts multi-variable regression method to make an empirical study of the influencing factors of their capital structure. The results indicate that the factors of size, income volatility, and the concentration of owner’s equity have positive relation with the capital structure, while the relation between profit- ability and capital structure is negative. It is also found that the influencing of growth and secured asset on the capital structure are relatively insignificant.
基金This paper is sponsored by Guangdong Soft Science Foundation Project （No. 2003C70129）.
文摘Board of directors is one of the important parts of the corporate internal governance mechanism. Using panel data from 144 China＇s private listed companies during 2001-2003, this paper empirically studies the relationship between board characteristics and capital structure with the methods of pooled OLS, first-order difference model and fixed ,effect model.
文摘The purpose of this paper is to investigate the relationship between investor protection, ownership structure and corporate valuation. La Porta showed that there existed a simple linear relationship between corporate valuation and the holding percentage of controlling shareholders. But recent empirical evidence does not support it. A nonlinear relationship is proved between ownership structure and corporate valuaton by relaxing the assumption of La Porta＇s model in this paper. There exists a positive relation between investor protection and corporate valuation. Our empirical research shows that this relation is significantly positive indeed.
基金This research is supported by National Key Research and Development Project,Ministry of Science and Technology of the People’s Republic of China(2018YFC1504700).
文摘Utilization of urban underground space has become a vital approach to alleviate the strain on urban land resources,and to optimize the structure and pattem of the city.It is also very important to improve the city environment,build livable city and increase the capacity of the city.Based on the analysis of existing evaluation methods and their problems,a method for evaluating underground space resources based on a negative list of adverse factors affecting underground space development is proposed,to be primarily used in urban planning stages.A list of the adverse factors is established,including limiting factors,constraining factors and influencing factors.Taking Xi'an as an example,using a geographical information system platform,a negative list of adverse factors for the underground space resources in Xi'an City are evaluated,and preventive measures are proposed.Natural resources,exploitable resources,and the potential growth of exploitable underground space resources are evaluated.Underground space assessment in the different development stages of the city,collaborative utilization and safety evaluation for multiple subsurface resources,environmental impact and assessment,as well as evaluation methods based on big data and intelligent optimization algorithms are all discussed with the aim of serving city planning and construction.
文摘The dual agency relation and lack of effective incentive and restraint mechanism make stock right structure of China's listed companies special.This special stock right structure will inevitably exert direct and profound influence on formulation of cash dividend policies.Based on the 2007 to 2010 data of China's agricultural listed companies and focusing on the stock right structure,this paper selected 6 indicators and the BP ANN to build the cash dividend policy identification model,in the hope of helping investors accurately predict influence of stock right structure on cash dividend policies,so as to reduce investment risk to some extent.
