دانلود رایگان مقاله انگلیسی تاثیر عدم تقارن اطلاعات بر تامین مالی بدهی: چین در دوره اصلاحات NTS - امرالد 2018

Abstract

Purpose – The purpose of this paper is to test an implication of the pecking order theory to explain capital structure decisions among Chinese listed companies during the 2005-2007 NTS Reform transition period. Design/methodology/approach – The authors utilize direct proxies for information asymmetry based on microstructure models including Probability of the arrival of informed trades (PIN), Adverse selection component of the bid-ask spread (λ), Illiquidity ratio (ILLIQ) and liquidity ratio, and Information asymmetry index (InfoAsy) to examine their relation with firms’ debt financing. Findings – Consistent with the prediction of Pecking Order Theory, the authors find that companies for which stock investors are challenged with more severe informational disadvantages are associated with higher degree of leverage use. Originality/value – The study provides a more direct test on the positive relation between information asymmetry and financial leverage of Chinese firms. In contrast to previous findings by Chen (2004), the results suggest that capital structure choices among Chinese firms progressively conform to conventional finance theories (e.g. Pecking Order Theory) with the decline of non-tradable shares.

5. Conclusion

This paper sheds further light on how firms operating in a situation of informational opacity and with less favorable debt-financing determine their capital structure. Specifically, we revisit the explanatory power of the pecking order theory on Chinese companies during the 2005-2007 NTS Reform transition period. While an influential study by Chen (2004) points to the weaker explanatory power of the pecking order theory in China during the 1995 to 2000 period, the positive relation between information asymmetry and new debt issuances reported in our study provides a strong support on the direct prediction of the pecking order theory in the Chinese stock market during the NTS Reform period. Our study is also consistent with Feng et al. (2007) that the debt level of Chinese companies generally increases with higher information asymmetry. However, the authors note that new debt financing in China is still low in the pre-NTS Reform period. This warrants a further investigation during the NTS Reform period (2005 and onwards) and we intend to fill this gap. Our results are both statistically and “economically” significant. The results are also robust to the inclusion of other controlled variables, simultaneity, and other issues. Importantly, the fact that asymmetric information issues in the capital market are not ignored by corporate managers and are more consistent with theoretical models implies an important shift in the interaction between Chinese corporations and capital markets promoted by the NTS Reform.