文献类型：会议论文

英文题名：The Determinants of Capital Structure of the SMEs: An Empirical Study of Chinese Listed Manufacturing Companies

作者：Yan Hongyan[1]

第一作者：严鸿雁

机构：[1]Beijing Union Univ, Sch Management, Beijing 100101, Peoples R China

第一机构：北京联合大学管理学院

会议论文集：International Small and Medium Enterprise Forum on SME Growth and Sustainability

会议日期：OCT 16, 2009

会议地点：Beijing, PEOPLES R CHINA

语种：英文

外文关键词：Financing; Capital Structure; SMEs; Panel Data

摘要：The principal aim of this paper is to obtain the main determinants of capital structure of Small and Medium Enterprises (SMEs). The hypothesis that is tested in this paper is that the debt ratio of the firms depends upon the size, the profitability, the liquidity, the asset structure and the growth opportunities. We carry out an empirical analysis over a panel data of Chinese listed SMEs in the manufacturing industry from 2004 to 2007. The results show that the capital structure has a negative relationship with the profitability and liquidity, negative correlation with the firm size, the asset structure and growth opportunities.