Applicability of financial theories of capital structure to the Chinese cultural context: A study of privately owned SMEs

作者：Alexander Newman, Sailesh Gunessee, Brian John Hilton · 发表于：International Small Business Journal Researching Entrepreneurship · 年份：2011 · DOI：10.1177/0266242610370977 · 被引用次数：88 · 研究领域：Corporate Finance and Governance、Working Capital and Financial Performance、Family Business Performance and Succession

Using a new dataset of 1539 Chinese small and medium-sized enterprises this article investigates the firm-level determinants of capital structure and tests them against the predictions of financial theory. Firm size and profitability are both found to be related to leverage as posited by pecking-order theory. In contrast little support is found for the predicted relationship between asset structure and leverage. These findings are discussed in relationship to their Chinese cultural context. The managerial and policy implications of the research are then explored.