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Empirical Study on the Impact of Enterprise Attributes on Capital Structure of State-owned Multinational Enterprises

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DOI: 10.25236/icssae.2019.101

Author(s)

Yang Liu, Jing Cheng

Corresponding Author

Jing Cheng

Abstract

The response and sensitivity of enterprises with different attributes to internal and external environmental factors are different. Therefore, the capital structure of enterprises often does not conform to the target capital structure under the trade-off theory. Through paired T-test on the data of state-owned enterprises and non-state-owned enterprises, state-owned transnational enterprises and non-transnational state-owned enterprises, this paper finds that before 2015, due to the influence of different enterprise attributes, the capital structure of enterprises is obviously different, and then converges. Through paired T-test on the data of state-owned enterprises and non-state-owned enterprises, state-owned transnational enterprises and non-transnational state-owned enterprises, this paper finds that before 2015, due to the influence of different enterprise attributes, the capital structure of enterprises is obviously different, and then converges.

Keywords

State-owned transnational enterprises; State-owned non-transnational enterprises; Transnational non-state-owned enterprises; Capital structure