Title: Financing Constraints and Capital Structure Fluctuation
Abstract: Financing constraints and capital structure research has always been the focus of theoretical research.The article researches dynamic capital structure from the respect of Capital Structure Fluctuation.It constructs a Capital Structure Fluctuation model,based on the examples of firms listed on from Shanghai and Shenzhen Securities Exchange(2003-2012)in an attempt to disclose the affect of firm scale and financing constraints on capital structure fluctuation.It is found that financing constraints have a negative relation with capital structure fluctuation.Different equity nature can lead to different extent of firm scale and financing constraints affecting capital structure fluctuation,while the effect of firm scale and financing constraints affecting capital structure fluctuation in a state owned firm is less than that of a private firm.
Publication Year: 2015
Publication Date: 2015-01-01
Language: en
Type: article
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