Cross-border operations,Ownerships and Capital Structures—Evidence from Chinese A-listed Companies

摘要

This paper examines the relationships among cross-border operations,ownerships and Chinese companies'capital structures.Empirical evidence supports the following conclusions: First,MNEs have lower leverages than domestic enterprises in general.Second,heterogeneous patterns of capital structure differentials between MNEs and domestic enterprises exist under different ownerships.For non-SOEs,MNEs have lower leverages,while those in SOEs enjoy premiums in leverages and thus have equivalent and even higher leverages compared with domestic enterprises.Finally,the state tends to support multinational SOEs bearing national strategic goals,increasing leverages of multinational SOEs in strategic industries and thus leverages of all the multinational SOEs.%本文研究跨国经营和所有制与中国企业资本结构的关系.本文的实证研究表明:总体上跨国企业的负债率低于本土企业;不同所有制中跨国企业与本土企业资本结构差异的模式不同,在非国有企业中,跨国企业的负债率低于本土企业,而跨国国有企业的负债率有显著升水,与本土企业负债率持平甚至更高;国家会对担负海外国家战略目标的跨国国有企业进行扶持,使战略产业中的跨国国有企业负债率更高,从而提高了跨国国有企业的整体负债率.