Research on the Impact of Equity Structure of A-share Listed Companies on Corporate Financing Constraints, 2010-2023
Year: 2024
Type: article
Abstract: "Difficult and expensive financing" has been one of the problems plaguing the development of enterprises at home and abroad, this paper is based on the data of A-share listed companies in 2010-2023 will be the equity structure as a corporate perspective factors on the impact of financing constraints, according to the existing literature using the regression model to reach the conclusion of empirical analyses, Through empirical analysis, the study concludes that an increase in equity concentration and management shareholding ratio mitigates the impact of equity structure on financing constraints. Specifically, it is found that non-state-owned enterprises exhibit a higher degree of equity concentration and management shareholding ratio compared to state-owned enterprises. However, state-owned enterprises experience a more significant reduction in financing constraints. Therefore, this paper based on the conclusion of the analysis puts forward suggestions, enterprises in the financing process, not only need to pay attention to the external environment of the enterprise, but also need to make appropriate adjustments to the content of the enterprise shareholding structure, improve the management's shareholding of the management of the equity incentives to stimulate the management to try to work to alleviate the financing constraints. At the same time, when the equity system is higher, it is conducive to the stability of the enterprise, and can better cope with the financing constraints and other problems.
Author: Boyang Shao
Institution: Shandong University of Technology
Language: English
Subfield: Accounting
Domain: Social Sciences
Open Access status: hybrid
OpenAlex ID: W4406035835