Firm life cycle and debt maturity structure: evidence from china – what is debt maturity

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29(C), pages 466-482.Schlagwörter:Evidence From ChinaFirm Life CycleDebt Maturity StructureMoreover, the effect of equity market integration is more pronounced on Chinese firms‘ capital structure and debt maturity than credit market integration. Our results show that credit supply shocks negatively impacted Italian SMEs’ leverage. Employing long-term debt leads to decline in overinvestment (D’Mello and Miranda, 2010) and thus future firm operating performance volatility (Adachi-Sato and Vithessonthi, . This finding remains consistent when we update the sample period to 1998–2019 (see Fig.Our study provides corroborating evidence regarding the effects of firm life cycle on board structure of China’s listed POEs. Due to differences in the maturity of the market and related regulations, the government has played an important role in guiding and supporting the practice of firm debt restructuring in China.1108/CFRI-06-2017-0106 Corpus ID: 158217193; The impact of cash flow volatility on firm leverage and debt maturity structure: evidence from China @article{Memon2018TheIO, title={The impact of cash flow volatility on firm leverage and debt maturity structure: evidence from China}, author={Zulfiqar Ali Memon and Yan . The authors use generalized method of . Volume 23 Number 2 . Leverage and Capital Structure Determinants of Chinese Listed Companies. More details; Firm life cycle and debt maturity structure : evidence from China . Skip to Article Content; Skip to Article Information; Search within. The corporate finance literature.This paper examines the relationship between leverage, debt maturity and firm performance, employing a large panel of Chinese non-financial listed firms.Our review reveals that a large volume of empirical research has been conducted on the determinants of debt maturity structure, and we categorize these . The purpose of this paper is to answer why and how the different ownership control types impact the firms’ preference . For example, at the beginning of the 21st . We reveal that DMS is relatively low in the introduction and recession periods, while long‐term.

How Does Firm Life Cycle Affect Board Structure? Evidence from China's ...

Autor: Xiaofei Zhang, Xiaofei Zhang, Longbing Xu

Firm life cycle and debt maturity structure: evidence from China

Such an overhang effect generated by short-term debt becomes . However, lack of commitment on the firms’ part makes long-term debt costly relative to short-term debt. We reveal that DMS is relatively low in the introduction and recession periods, while long-term debt ratio. Based on a difference-in-differences (DID) model, the results show that, since the promulgation of the Green Credit Guidelines policy, financial institutions have . We reveal that DMS is relatively low in the introduction and recession periods, . The Squeezed Middle: Political Affiliation and Financial Constraints in China, Emerging Markets Finance and Trade, . Firms may want to issue long-term debt in order to reduce short-term refinancing risk. Short-term debt—typically defined as that maturing within a year—exposes borrowers to rollover risk .The silver tsunami: an enquiry into the financial needs, preferences and behaviours of retirees.This study used China’s accelerated depreciation policy (2014–2015) as an exogenous shock to examine the impact of tax incentives on firm financing structures.Debt restructuring is the independent action of firms in developed market economy countries.Schlagwörter:Long-Term Debt MaturityConsequences of Debt Maturity Structure

Firm life cycle and debt maturity structure : evidence from China

We conduct a systematic review of the international research on the determinants and consequences of debt maturity structure in the accounting, finance, and corporate governance literature.

Sustainability | Free Full-Text | Does Firm Life Cycle Impact Corporate ...

The study was conducted . & González, Francisco, 2014.this paper first analyses the impact of the firm life cycle on debt maturity structure, after which it separates the firm life cycle into four stages, including introduction, growth, .The Impact of Debt Maturity and Financing Constraints on Corporate Investment: Evidence from China .Relatively recent studies show that the debt maturity structure of firms does matter to their investment .Relatively recent studies show that the debt maturity structure of firms does matter to their investment decisions (Aivazian et al.Schlagwörter:Evidence From ChinaFirm Life CyclePublish Year:2018Puyang Sun & Wei Jiang, 2015.This study aims to examine the firm’s debt maturity structure policy across the firm life cycle stage in five ASEAN countries, namely Indonesia, Malaysia, Singapore, Thailand and Vietnam. Qingsong Ruan, Qingsong Ruan.This study examines the effect of firm life cycle on debt maturity structure (DMS) in China. Authors: Zhang, Xiaofei; .Schlagwörter:Evidence From ChinaFirm Life CycleDebt Maturity Structure

Corporate cash holdings and firm life cycle: evidence from China

• We investigate .Schlagwörter:Evidence From ChinaLong-Term Debt Maturity Table 5 presents the outcome of regressing board structure on firm life cycle.the maturity structure of debt among nonfinancial firms. During and after the . (2012) investigate the capital structure and debt maturity of listed firms in 39 markets from 1991 to 2006 and find that China had the lowest long-term debt ratio (long-term debts to total debts).

Local Government Debt and Firm Leverage: Evidence from China

Purpose – – The authors examine the debt maturity structure of Chinese listed companies during the period when bond market was under-developed and the majority of commercial banks were owned by the state. We argue that this trade-off is exacerbated by the . School of Economics and Management, Tongji University, Shanghai, China. Search for more . Search for more papers by this author.,The results provide valuable implications of financial integration for policymakers as well as capital structure decision-making for managers in China. Banking liberalization and firms‘ debt structure: International evidence, International Review of Economics & Finance, Elsevier, vol. Also, an updated analysis of the determinants of debt matu-rity for .Erfahren Sie mehr, oder lesen Sie den Website-Sicherheitsbericht von Bing, in dem Sie weitere Details finden.We argue that in an economy where short-term bank loans are the major financing resource, such as that of China, firms with shorter debt maturity tend to suffer more from potential rollover risks and hence are more likely to reduce their near future capital expenditures. Barbara Chambers, Ruth Walker, Jun Feng, Yuanyuan Gu.This article was retracted due to the following reasons: Article: Debt Maturity Structure and Firm Life Cycle: Empirical Evidence from ASEAN Countries.,Few studies have examined .Maturity structure; Acknowledgements., 38 (2015), pp. SSRN Electronic Journal.In order to ll this gap and distinguish the roles of state ownership and rm size in bank concentration in uencing rms’ debt structure, we construct two interaction terms: the . , Pages: 645-687.Schlagwörter:Evidence From ChinaLingnan CollegeGuangjun ShenSchlagwörter:Debt Maturity StructureLong-Term Debt MaturityPublish Year:2008

Bank Concentration and Firms’ Debt Structure: Evidence from China

Firm life cycle and debt maturity structure: evidence from China.

Firm R&D investments and debt maturity structure | Download Table

In the literature of debt maturity structure, the maturity matching between debt and asset is usually regarded as an important component of liquidity risk management of firms (Morris, 1976).Schlagwörter:Publish Year:2021Yizhong Wang, Ting Wang, Lifang Chen Additionally, we investigate the economic mechanisms through . Jia acknowledges the support from the China Ministry of Education of Humanities and Social Science Foundation (Project No.

The impact of debt restructuring on firm investment: Evidence from China

The maturity structure of debt can have financial and real consequences.

Ownership control and debt maturity structure: evidence from China

In this paper, based on China’s Industrial Enterprise Database, we use China’s VAT (value-added tax) reform as a natural experiment to empirically test the two .Testing the relationship between board structure and firm life cycle.

Firm life cycle and debt maturity structure: evidence from China

Pasquale Scaramozzino. Year of publication: 2020. 2016 • Ajid Rehman. The Firm life cycle stages are classified based on its cashflow pattern into four stages, namely introduction, growth, mature, and decline. At the same time, the rapid increase of firm-level leverage ratio of state-owned enterprises (SOEs) and the . Download Free PDF View PDF. This paper deepens the discussion on capital structure . We reveal that DMS is relatively low in the introduction and recession periods, while long-term.Abstract This study examines the effect of firm life cycle on debt maturity structure (DMS) in China. We reveal that DMS is relatively low in the introduction and recession . Based on data from China’s A-share listed companies from 2010 to 2017, we estimated a difference-in-differences model and found that the accelerated depreciation policy .: This study attempts to investigate how the maturity structure of a firm’s debt affects its investment decisions. December 2021 . Accounting & Finance.Schlagwörter:Evidence From ChinaFirm Life Cycle In contrast to most developed countries, China has not yet established sophisticated and.,This study uses an extensive data set of 2,994 Chinese A-listed firms. To capture the relative effects of maturity and decline, we omitted the growth variable; as such, three stage variables are dummy variables.WARNUNG✕Wir empfehlen Ihnen, ein anderes Ergebnis zu wählen.Dynamics of financial leverage across firm life cycle in Chinese firms: an empirical investigation using dynamic panel data model. Our review reveals that a large volume of empirical research has been conducted on the determinants of debt maturity structure, and we . School of Economics and Management, Tongji University, Shanghai, China .This paper investigates the impact of financial integration on the capital structure of the firms operating in mainland China, examining the firm-level and country .Schlagwörter:Evidence From ChinaDebt Maturity StructurePublish Year:2014 ABSTRACT: This study attempts to . Advanced Search Citation Search. Recently, researchers have .Firm life cycle and debt matur. 17YJC790058) and Xie acknowledge the support from the Sun Yat-Sen Business School (the Fundamental Research Funds for the Central Universities 17wkpy21). Research in International Business and Finance 69 (477):102240.Based on a unique dataset of Italian small- and medium-sized enterprises (SMEs) over the 2006–2016 period, we investigate how the recent global financial crisis impacted SMEs’ capital structure decisions and their determinants.Meanwhile, Chinese listed firms have the .Evidence from corporate debt maturity structure.China’s local government debt financing has been expanded aggressively to support infrastructure investment, especially since the enactment of four-trillion-yuan stimulus plan to stimulate the economy post global financial crisis. Wenn Sie zu dieser Website wechseln, wird möglicherweise Schadsoftware heruntergeladen, die Ihr Gerät beschädigen kann.The purpose of this paper is to investigate how corporate cash holdings changes across firm life cycle and how firms undergo heterogeneous dynamic cash adjustment as they advance from one stage to the next stage. Advanced Search Citation .Abstract: This study examines the effect of firm life cycle on debt maturity structure (DMS) in China.Bank Competition and Firm Asset- Debt Maturity Mismatch: Evidence from the SMEs in China.Against the backdrop of working hard to build a beautiful country, this paper uses the promulgation of the “Green Credit Guidelines” policy in China as a quasi-natural experiment.We explore maturity mismatches of Chinese listed firms, which involves firms using short-term debts to support their long-term investments.

How Does Firm Life Cycle Affect Board Structure? Evidence from China's ...

First Published: 22 December 2019.4 Moreover, we are not aware of any study that looks at recent trends in the maturity structure of sovereign debt.Using a sample of 26,412 firm–year observations of firms listed in China from 2011 to 2021, the results provide evidence that, although ESG has a significant .This means that the cash flows generated by the asset will be sufficient to retire debt by the end of asset life, and thus prevent . To our best knowledge, this article is the first to .We have analyzed the association between firms’ life cycle stages (LCSs) and their debt maturity (DM).This study explores the relationship between social trust and firm debt maturity mismatch in the Chinese context.

Debt Maturity and the Use of Short-term Debt

Since the seminal works of Modigliani and Miller, the capital structure of corporations has attracted intense scrutiny., 2005; Jeon and Nishihara, 2015). View PDF View article View in Scopus Google Scholar.González, Víctor M.The authors examine the debt maturity structure of Chinese listed companies during the period when bond market was under-developed and the majority . mature capital markets to support the funding requirements of companies and. Yuetian Jin, Yuetian Jin. The effects of business cycle and debt maturity on a firm’s investment and default decisions.

(PDF) Firm-based and Institutional-based Determinants of the Bank Debt ...