Leverage and investment under a state-owned bank lending environment: Evidence from China
Tài liệu tham khảo
Ahn, 2006, Leverage and investment in diversified firms, Journal of Financial Economics, 79, 317, 10.1016/j.jfineco.2005.03.002
Aivazian, 2005, The impact of leverage on firm investment: Canadian evidence, Journal of Corporate Finance, 11, 277, 10.1016/S0929-1199(03)00062-2
Aivazian, 2005, Can corporatization improve the performance of state-owned enterprises even without privatization?, Journal of Corporate Finance, 11, 791, 10.1016/j.jcorpfin.2004.11.001
Allen, 2005, Law, finance, and economic growth in China, Journal of Financial Economics, 77, 57, 10.1016/j.jfineco.2004.06.010
Barth, 2004, Bank supervision and regulation: what works best?, Journal of Financial Intermediation, 13, 205, 10.1016/j.jfi.2003.06.002
Barth, J., Lin, C., Lin, P., and Song, F., Corruption in bank lending to firms: cross-country micro evidence on the beneficial role of competition and information sharing. Journal of Financial Economics, in press.
Bai, C., Qia, L., Song, F., 2003. Value of corporate control: evidence from China's distressed firms. Unpublished mimeo, available on ssrn.com.
Beck, 2004, Bank competition and access to finance: international evidence, Journal of Money, Credit and Banking, 36, 627, 10.1353/mcb.2004.0039
Bertrand, 2007, Banking deregulation and industry structure: evidence from the French banking reforms of 1985, Journal of Finance, 62, 597, 10.1111/j.1540-6261.2007.01218.x
Billett, 2007, Growth opportunities and the choice of leverage, debt maturity, and covenants, Journal of Finance, 62, 697, 10.1111/j.1540-6261.2007.01221.x
Bradley, 1984, On the existence of an optimal capital structure: theory and evidence, Journal of Finance, 39, 857, 10.2307/2327950
Brandt, 2003, Bank discrimination in transition economies: ideology, information or incentives?, Journal of Comparative Economics, 31, 387, 10.1016/S0147-5967(03)00080-5
Byers, 2008, Are corporate governance and bank monitoring substitutes: evidence from the perceived value of bank loans, Journal of Corporate Finance, 14, 475, 10.1016/j.jcorpfin.2008.06.002
Byrd, 2005, Bankers on the board and the debt ratio of firms, Journal of Corporate Finance, 11, 129, 10.1016/j.jcorpfin.2003.09.002
Cetorelli, 2004, Real effects of bank competition, Journal of Money, Credit and Banking, 36, 543, 10.1353/mcb.2004.0043
Chan, 2004, Underpricing and long-term performance of IPOs in China, Journal of Corporate Finance, 10, 409, 10.1016/S0929-1199(03)00023-3
Chen, 2006, Ownership structure, corporate governance, and fraud: evidence from China, Journal of Corporate Finance, 12, 424, 10.1016/j.jcorpfin.2005.09.002
Chen, 2002, The illiquidity discount in China, 10.1920/wp.cem.2002.0202
Chung, 1994, A simple approximation of Tabin's q, Financial Management, 23, 70, 10.2307/3665623
Cull, 2003, Who gets credits? the behavior of bureaucrats and state banks in allocating credit to Chinese state-owned enterprises, Journal of Development Economics, 71, 533, 10.1016/S0304-3878(03)00039-7
Cull, 2005, Institutions, ownership, and finance: the determinants of profit reinvestment among Chinese firms, Journal of Financial Economics, 77, 117, 10.1016/j.jfineco.2004.05.010
Cull, 2007, Formal finance and trade credit during China's transition (April 1, 2007)
DeAngelo, 1980, Optimal capital structure under corporate and personal taxation, Journal of Financial Economics, 8, 3, 10.1016/0304-405X(80)90019-7
Dinc, 2005, Politicians and banks: political influences on government-owned banks in emerging markets, Journal of Financial Economics, 77, 453, 10.1016/j.jfineco.2004.06.011
Diamond, 1984, Financial Intermediation and delegated monitoring, Review of Economic Studies, 51, 393, 10.2307/2297430
Dobson, 2006, The contradiction in China's gradualist banking reforms, Brookings Papers on Economic Activity, 2, 103, 10.1353/eca.2007.0004
Firth, 2006, Corporate performance and CEO compensation in China, Journal of Corporate Finance, 12, 693, 10.1016/j.jcorpfin.2005.03.002
González, 2008, Influence of bank concentration and institutions on capital structure: new international evidence, Journal of Corporate Finance, 14, 363, 10.1016/j.jcorpfin.2008.03.010
Grullon, 2006, The impact of capital structure on advertising competition: an empirical study, Journal of Business, 79, 3101, 10.1086/508010
Guedes, 1996, The determinants of the maturity of corporate debt issues, Journal of Finance, 51, 1809, 10.2307/2329539
Huang, 2006, The determinants of capital structure: evidence from China, China Economic Review, 17, 14, 10.1016/j.chieco.2005.02.007
Jensen, 1986, Agency costs of free cash flow, corporate finance, and takeovers, American Economic Review, 76, 323
Jensen, 1976, Theory of the firm: managerial behavior, agency costs, and ownership structure, Journal of Financial Economics, 3, 305, 10.1016/0304-405X(76)90026-X
Johnson, 2003, Debt maturity and the effects of growth opportunities and liquidity risk on leverage, Review of Financial Studies, 16, 209, 10.1093/rfs/16.1.209
Kang, 1995, Firm performance, corporate governance and top CEO turnover in China, Journal of Financial Economics, 38, 29, 10.1016/0304-405X(94)00807-D
Krosznera, 2001, Bankers on boards: monitoring, conflicts of interest, and lender liability, Journal of Financial Economics, 62, 415
Kornai, 2003, Understanding the soft budget constraint, Journal of Economic Literature, 41, 1095, 10.1257/002205103771799999
Khwaja, 2005, Do lenders favor politically connected firms? rent provision in an emerging financial market, Quarterly Journal of Economics, 120, 1371, 10.1162/003355305775097524
Lang, 1996, Leverage, investment and firm growth, Journal of Financial Economics, 40, 3, 10.1016/0304-405X(95)00842-3
La Porta, 2002, Government ownership of banks, Journal of Finance, 57, 265, 10.1111/1540-6261.00422
Laeven, 2007
Laeven, 2007, The quality of the legal system, firm ownership, and firm size, Review of Economics and Statistics, 89, 601, 10.1162/rest.89.4.601
Lin, 2008, Industrial diversification, partial privatization and firm valuation: evidence from publicly listed firms in China, Journal of Corporate Finance, 14, 405, 10.1016/j.jcorpfin.2008.05.001
McConnell, 1995, Equity ownership and the two faces of debt, Journal of Financial Economics, 39, 131, 10.1016/0304-405X(95)00824-X
Modigliani, 1958, The cost of capital, corporation finance, and the theory of investment, American Economic Review, 53, 433
Molina, 2005, Are firms underleveraged? an examination of the effect of leverage on default probabilities, Journal of Finance, 60, 1427, 10.1111/j.1540-6261.2005.00766.x
Morck, 2000, The information content of stock market: why do emerging markets have synchronous stock price movement?, Journal of Financial Economics, 58, 215, 10.1016/S0304-405X(00)00071-4
Myers, 1977, Determinants of corporate borrowing, Journal of Financial Economics, 5, 147, 10.1016/0304-405X(77)90015-0
Parrino, 1997, CEO turnover and outside succession: a cross-sectional analysis, Journal of Financial Economics, 46, 165, 10.1016/S0304-405X(97)00028-7
Pistor, 2004, Governing stock markets in transition economies lessons from China, American Law and Economics Review, 7, 184, 10.1093/aler/ahi008
Rajan, 2005, What undermine aid's impact on growth?
Sapienza, 2004, The effects of government ownership on bank lending, Journal of Financial Economics, 72, 357, 10.1016/j.jfineco.2002.10.002
Shleifer, 1994, Politicians and firms, Quarterly Journal of Economics, 109, 995, 10.2307/2118354
Stulz, 1990, Managerial discretion and optimal financing policies, Journal of Financial Economics, 26, 3, 10.1016/0304-405X(90)90011-N
Wong, 2006, China's stock market: the marriage between capitalism and socialism, Cato Journal, 26, 389
Xu, 1999, Ownership structure and corporate governance in Chinese stock companies, China Economic Review, 10, 75, 10.1016/S1043-951X(99)00006-1
Zarutskie, 2006, The effects of bank competition on firm borrowing and investment, Journal of Financial Economics, 37, 503, 10.1016/j.jfineco.2005.07.008