DocumentCode
3503414
Title
Effects of Information Asymmetry on Listed Companies´ Debt Financing: Evidence from China
Author
Feng Yumei ; Wang Chunfeng ; Fang Zhenming
Author_Institution
Sch. of Banking & Finance, Shandong Finance Univ., Jinan
fYear
2007
fDate
21-25 Sept. 2007
Firstpage
3977
Lastpage
3980
Abstract
According to the pecking order theory, among the company´s external financing channels, debt financing should be selected firstly. Based on financial market microstructure measuring method of information asymmetry and Fama- MacBeth regression technology, the study finds that Chinese listed companies´ ratio of debt increases with information asymmetry. When listed companies´ financial deficit is higher, the positive relationship between debt ratio and information asymmetry is significant.
Keywords
financial management; regression analysis; China; Fama- MacBeth regression technology; companies debt financing; financial market microstructure; information asymmetry; pecking order theory; Banking; Costs; Finance; Friction; Microstructure; Random variables; Testing;
fLanguage
English
Publisher
ieee
Conference_Titel
Wireless Communications, Networking and Mobile Computing, 2007. WiCom 2007. International Conference on
Conference_Location
Shanghai
Print_ISBN
978-1-4244-1311-9
Type
conf
DOI
10.1109/WICOM.2007.983
Filename
4340758
Link To Document