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1、河北工业大学博士学位论文structure.Theresultsreveal:(1)bythecomparisonbetweenthedevelopedcountriesandsomedevelopingcountries,thereisthepreferencetoownershipfinancinginChineselistedcompanies;thefloatingdebtishigher,andthefundeddebtislower;theequitycentralizationisveryhigh.(2)InChinese
2、listedcompanies,thedebtleverageissignificantpositivetogrowthopportunity;thedebtleverageissignificantpositivetothetangibilityofasset;thedebtleverageissignificantpositivetosizeofcompany;thedebtleverageissignificantnegativetonon-liabilitytaxshield;thedebtleverageissignifica
3、ntnegativetoprofitability.(3)byanalysistheimpactoffirm-specificcharacteristicsaswellasmacroeconomicfactorsonthespeedofadjustmenttowardstargetleverageinChinese-listedcorporations,Theresultsrevealthatlowerandfastergrowingfirmsaswellasfirmsthatarefurtherawayfromtheirtargets
4、adjustmorereadily.Additionally,wedocumentrelationsbetweenmacroeconomicvariablesandtheadjustmentspeed,andfindthatfirmsadjustfasterinfavorablemacroeconomicconditions.Chapter5.StudyonEquitystructureandPerformanceinChineselistedCompanies.Consideringtheendogenousofequitystruc
5、ture,thischapteremploystwosimultaneous-equationsmodels.Aftercontrollingrelativevariablesinthetest,wefindthatownershipconcentrationhassignificanteffectonccompanies’performance,Thefractionofsharesownedbythelargestshareholderisnegativelyrelatedtocorporateperformance,andthef
6、ivelargestshareholdingshaspositiverelationtocorporateperformance;Proportionofsharesownedbystatehasnegativerelationtoperformance,butthelegalpersonsharescanincreasefirms’performance,andthereisnegativerelationbetweentradablesharesandperformance.Chapter6.Consideringtheendoge
7、nousofdebt,weemploytwosimultaneous-equationsmodels.Samplinglistedcompaniesfrom2002to2006,wefindasfollow:Asawhole,debtfinancingdoesnotconstitutealargepartofcompanyfinancing,leavingsomespacetogo;Duetounreasonabledebtstructure,currentlyadoptedmethodsindebtfinancingdoesn'the
8、lpupwithcorporategovernance;Thecorporategovernanceeffectoffloatingdebtisbad,therateoffloatingdebtistooh
