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Author(s): |
na Zhang, School of Economics and Management, Beijing Jiaotong University, Beijing, China
Zhongliang Guan, School of Economics and Management, Beijing Jiaotong University, Beijing, China
Miaomiao Wang, Agricultural and Applied Economics Department, Texas Tech University, Lubbock, Texas, U.S.A |
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Abstract: |
Abstract: Existing empirical studies has proved that in China’s listed companies, leverage has hard budget constraint on over-investment. It is well-known that, companies’ investment and financing always influence corporate value, so this paper will do some research on leverage’s impact on corporate value. However, there is complicated ownership structure in China’s listed companies, which would distort leverage’s impact. This paper will make an empirical study to analyze how the ownership structure effect leverage’s impact on corporate value using the panel data of China’s listed companies from1999-2006.
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