- 期刊
- OpenAccess
The Impact of Ownership Structure on the Level of Financial Risk of SME in China
並列摘要
The level of financial risk has great significance to the sound operation of enterprises and the healthy development of economics. Based on the data from 2009 to 2011 of 205 small and medium manufacturing enterprises listed before 2009, this study studies the impact of ownership structure on the level of financial risk, especially the relationship between financial risk to firms on small board and one-share dominance as well as the family characteristics of family business. The empirical result shows that: the proportion of tradable shares and the degree of equity balance are negatively correlated with the financial risk level; while the ownership concentration is positively correlated with the financial risk level; and the proportion of state-owned shares or legal person shares and CEO share-holding rate have no significant effect on the financial risk level of SME (small and medium enterprises).
延伸閱讀
- 郭建中、王國臣（2015）。Empirical Analysis of the Political Risk of China's Outward Foreign Direct Investment: Misunderstandings and Truth。中國大陸研究，58(3)，1-39。https://doi.org/10.30389/MCS.201509_58(3).0001
- 王文聖、Nur Imamah、吳雅婷、洪榮華（2016）。Ownership Structure and the Cost of Equity Capital: Evidence from Chinese Listed Firms。證券市場發展季刊，28(2)，71-105。https://doi.org/10.6529/RSFM.2016.28(2).3
- 王秋華（2011）。The Study of Fund Performance, Systematic Risk and Flow Volatility in Chinese Market〔碩士論文，國立臺中科技大學〕。華藝線上圖書館。https://www.airitilibrary.com/Article/Detail?DocID=U0061-1606201119402300
- 黄炳艺、曾五一（2007）。Empirical Study on the Relation between Financial Development and Economic Efficiency in China。Journal of Data Analysis，2(4)，95-108。https://doi.org/10.6338/JDA.200708_2(4).0007
- 何宣瑩（2019）。The Impacts of Financial Constraint on the Growth Rate Distribution of Chinese Firms〔碩士論文，國立政治大學〕。華藝線上圖書館。https://doi.org/10.6814/NCCU201901102