文献类型：期刊文献

英文题名：Credit Crunch and Target Capital Structure: Empirical Studies Based on Natural Experiment in China

作者：Zhang, Hong Yang, Fei Long, Fenjie

第一作者：Zhang, Hong

通信作者：Yang, F[1]

机构：[1]Tsinghua Univ, Beijing 100084, Peoples R China;[2]Guizhou Inst Technol, Guiyang, Peoples R China

第一机构：Tsinghua Univ, Beijing 100084, Peoples R China

通信机构：corresponding author), Tsinghua Univ, Beijing 100084, Peoples R China.

年份：2014

卷号：50

起止页码：229-244

外文期刊名：EMERGING MARKETS FINANCE AND TRADE

收录：;WOS:【SSCI(收录号:WOS:000350034100017)】；

语种：英文

外文关键词：China; credit crunch; natural experiment; target capital structure

摘要：Data from China's credit crunch, which started in 2007, is utilized to establish a natural experiment to investigate the impact of the credit crunch on target capital structures. The sample consists of 1,128 listed companies in China during the period 2000-2011. The interest-bearing debt to total assets ratio is used as a representative indicator for capital structures. The results indicate that the credit crunch was associated with a decrease in the target debt ratios for all listed companies. Small firms, privately owned enterprises, and firms with weak mortgage capabilities responded more sensitively to the credit crunch by showing a substantial decrease in target debt ratios.