A Study of Debt Structure Preference Based on Controlling Shareholders’ Benefits of Control

Yanhui Wang, Yajun Guo, Xueting Song


Taking data of all A-share listed companies in Shanghai Stock Exchange and Shenzhen Stock Exchange from 2002 to 2006 as samples, this paper makes an empirical study on the debt structure preference of enterprises in which controlling shareholders have the right of control. Results show that these enterprises: (1) prefer to short-term debt financing concerning the debt maturity structure; (2) prefer to financing by loaning from banks concerning the debt type structure; (3) prefer to high-priority debt structure concerning the debt priority.

Full Text:


DOI: http://dx.doi.org/10.5539/ijbm.v4n9p30

Copyright (c) 2009 International Journal of Business and Management

License URL: http://creativecommons.org/licenses/by/4.0

International Journal of Business and Management   ISSN 1833-3850 (Print)   ISSN 1833-8119 (Online) Email: ijbm@ccsenet.org

Copyright © Canadian Center of Science and Education

To make sure that you can receive messages from us, please add the 'ccsenet.org' domain to your e-mail 'safe list'. If you do not receive e-mail in your 'inbox', check your 'bulk mail' or 'junk mail' folders.