An investigation into the factors to affect capital structure: Empirical evidence from China’s listed travel corporations

Qian, Cheng (2010) An investigation into the factors to affect capital structure: Empirical evidence from China’s listed travel corporations. [Dissertation (University of Nottingham only)] (Unpublished)

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Abstract

The modern capital structure theories indicate that the capital structure is closely correlated with the corporate governance and corporate performance. Thus a large number of scholars attempted to investigate the determinants of the capital structure. As most previous studies point out that the industrial factors have significant influence on the capital structure, this research will focus on studying the determinants about the capital structure of China’s listed travel enterprises. In general, this research aims to analyze the following questions.

(1) How do I choose the appropriate indicators to reflect the factors to affect the capital structure of China’s listed travel corporations?

(2) How will I evaluate the capital structure of China’s listed travel corporations?

(3) How will the factors affect the capital structure of China’s listed travel corporations?

This research can be mainly divided into three parts. The first part will review the literature and put forward the relevant hypotheses. The second part will analyze the methodology and conduct the empirical results. Based on the analysis above, the final part make several conclusions (the corporate profitability, corporate growth, assets structure, assets liquidity, income tax rate, non-debt tax shield, ownership structure and stocks liquidity will have influence on the capital structure of China’s listed travel corporations). Based on the analysis above, I make several recommendations for China’s listed travel corporations to optimize the capital structure (improving the profitability of China’s listed travel corporations, increasing the corporate scale, establishing the appropriate assets structure, adopting the reasonable financing methods to control the financial risks and establishing the appropriate ownership structure). What’s more, the final part briefly introduces the limitations of this research.

Item Type: Dissertation (University of Nottingham only)
Depositing User: EP, Services
Date Deposited: 19 Jan 2011 10:11
Last Modified: 23 Oct 2016 02:15
URI: http://eprints.nottingham.ac.uk/id/eprint/23689

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