scholarly journals Research on the Impact of Tax Shield Effect on Corporate Capital Structure<br/>—Empirical Analysis Based on A-Share Listed Companies

2020 ◽  
Vol 11 (01) ◽  
pp. 126-139
Author(s):  
Lei Lei
Keyword(s):  
Capital Structure ◽  
Empirical Analysis ◽  
Listed Companies ◽  
Corporate Capital ◽  
Tax Shield ◽  
Corporate Capital Structure ◽  
The Impact ◽  
A Share

A Survey on the Effects of Defeasing Debt

1987 ◽  
Vol 2 (1) ◽  
pp. 65-78 ◽  
Author(s):  
David E. Mielke ◽  
James Seifert
Keyword(s):  
Capital Structure ◽  
Balance Sheet ◽  
Annual Reports ◽  
Corporate Capital ◽  
Disclosure Requirements ◽  
Practical Concern ◽  
Corporate Capital Structure ◽  
Accounting Rules ◽  
Financial Characteristics ◽  
The Impact

Defeasance of debt is a relatively new tool for the management of the corporate balance sheet. The accounting rules for reporting these transactions have generated a great deal of controversy. Critics claim that the ability to record an extraordinary gain from the defeasance of debt permits the reporting of paper profits. Additionally, some were concerned about the disclosure requirements and with potential for the promotion of wholesale major changes in corporate capital structure. A survey was conducted to gain insight as to why companies might defease debt, to examine the impact of defeasance on the firm's financial characteristics, and to investigate the type of disclosure provided in the annual reports. Analysis of the results indicates that the critics have little practical concern. The paper profits and balance sheet changes in this sample were relatively minimal. The major problem found was with the relatively little information that corporations provided regarding these transactions.

scholarly journals Uncertainty and Capital Structure: Evidence from an Emerging Country

2021 ◽  
Vol 11 (2) ◽  
pp. 1700-1715
Author(s):  
Hoang Duc Le
Keyword(s):  
Capital Structure ◽  
Policy Makers ◽  
Corporate Capital ◽  
Emerging Country ◽  
Corporate Capital Structure ◽  
Lag Model ◽  
High Level ◽  
General Method Of Moments ◽  
The Impact ◽  
General Method

This paper investigates the impact of uncertainty on corporate capital structure. Using a sample consists of manufacturing firms listed in the Vietnamese Stock Market during the period from 2010 to 2019, we find that an increase in uncertainty can lead to a reduction in the corporate use of debt. This result is robust when we use a lag model or a System General Method of Moments to deal with the endogeneity problems. Moreover, our result shows that firms decrease their leverage when facing a high level of uncertainty because the increase in leverage during the heightened uncertainty periods may reduce firms’ investment. Given that firms in emerging countries in general and in Vietnam in particular rely significantly on debt financing, the results of our paper suggest that policy makers should have solutions to mitigate the adverse impact of uncertainty on firm leverage.

scholarly journals Relationship between Corporate Capital Structure and Stocks Liquidity: Empirical Evidence in Vietnam

2020 ◽  
Vol 10 (2) ◽  
pp. 151
Author(s):  
Van Thi Thuy Vu ◽  
Thoa Thi Tran ◽  
Xuan Thanh Ngo ◽  
Linh Nhat Nguyen
Keyword(s):  
Capital Structure ◽  
Inverse Relationship ◽  
Stock Exchange ◽  
Ho Chi Minh City ◽  
Corporate Value ◽  
Corporate Capital ◽  
Corporate Capital Structure ◽  
Business Size ◽  
The Impact ◽  
The Capital Structure

The paper examines the impact of capital structure on the liquidity of listed shares on the Ho Chi Minh City Stock Exchange, which includes 1078 observations during the period of 2011 – 2017. In addition to the capital structure, the study also looked at the impact of controlled variables including profitability (ROS), corporate value (Tobin’s Q) and size of the business (SIZE) on the liquidity of listed shares. The results show that the capital structure has inherently inverse relationship, while the controlled variables in the model have a positive relationship with stocks’ liquidity.

scholarly journals Can Managing Overseas Experience Improve Investment Efficiency

2021 ◽  
Vol 14 ◽  
pp. 108-122
Author(s):  
Yuchao Zhou ◽  
Caixia Zhou
Keyword(s):  
Empirical Analysis ◽  
Listed Companies ◽  
Investment Efficiency ◽  
Empirical Results ◽  
Corporate Executives ◽  
The Impact ◽  
The Empirical Analysis ◽  
A Share

The efficient investment of enterprises is inseparable from the professional ability of managers. It has been found that the overseas experience of corporate executives can improve the investment ability of managers.This paper takes Shanghai and Shenzhen A-share listed companies from 2004 to 2020 as the research object, and investigates whether managers' overseas experience can improve the investment efficiency of enterprises. The empirical analysis results show that enterprises with overseas managers can improve the phenomenon of over investment, but the impact on the underinvestment is not significant.Based on the empirical results, it is found that the characteristics of managerial returnees have different impacts on enterprises in different industries. Compared with export-oriented enterprises, the characteristics of managerial returnees have more significant impacts on export-oriented enterprises.The reason for these results may be that managers' overseas experience is more conducive to the development of non-export-oriented enterprises.

scholarly journals The Effects of Corporate Income Tax on Corporate Capital Structure---Based on the Data of Listed Companies in China

2015 ◽  
Vol 8 (1) ◽  
pp. 166
Author(s):  
Li Wenhong ◽  
Wu Jiaqi ◽  
Hu Tianran
Keyword(s):  
Capital Structure ◽  
Income Tax ◽  
Listed Company ◽  
Listed Companies ◽  
Corporate Income Tax ◽  
Tax Rates ◽  
Main Method ◽  
Tax Rate ◽  
Corporate Capital ◽  
Corporate Capital Structure

<p>In 2008, the domestic and foreign corporate income tax systems were unified in China. Based on data of the listed companies in China from 2006 to 2012 and the established model, we find that income tax rates significantly influence the capital structure of listed companies in China, and there is a positive correlation to the asset-liability ratio. When tax rate falls, the listed company will lower financial leverage, and the main method is through increasing its owners' equity, rather than to reduce debt.</p>

scholarly journals The Impact of Share Repurchase on the Value of Listed Companies Take Alibaba Group as an Example

2021 ◽  
Vol 235 ◽  
pp. 01026
Author(s):  
Mingzhu Yang
Keyword(s):  
Capital Structure ◽  
Empirical Analysis ◽  
Stock Price ◽  
Market Value ◽  
Listed Companies ◽  
Financial Policy ◽  
Share Repurchase ◽  
Negative Effects ◽  
Positive Effects ◽  
The Impact

Share repurchase is a common dividend policy and financial policy in western listed companies. The share repurchase policy has some positive and negative effects on the company. Therefore, this paper takes Alibaba Group as an example, and studies its share repurchase policy from 2014 after its listing to 2019. A theoretical and empirical analysis on the profitability, market value and stock price of listed companies through share repurchase is conducted. The result shows that it has positive effects on corporate profitability, market value and capital structure. At last, suggestions based on the analysis are proposes.

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