Capital Structure Premium in Multinational SOEs: Evidence from China
Rui Zhang and Xun Zhang
[ 2015-09-01 ]

中国金融四十人论坛工作论文系列

CF40 Working Paper Series
NO. CF40WP2015005(总第5期)

Capital Structure Premium in Multinational SOEs: Evidence from China

Rui Zhang and Xun Zhang

2015年09月01日


  Abstract: We investigate the relationship among multinational operation, ownership and capital structureusing data from China’s A-share listed companies. We find that, in general, multinational enterprises (MNEs) have lower leverages than domestic enterprises (DEs). More importantly, we document a capital structure premium in China’s multinational state-owned enterprises (SOEs). Since the state supports multinational SOEs that promote overseas national strategy, these multinational SOEs will have higher credit availability and therefore higher debt-equity ratios. This study sheds light on government’s impact on firm’s creditability.

  Key words: Capital Structure; Multinational SOE; National Strategy.

 

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