不同债务水平下的啄食顺序测试:印度和中国企业的比较研究

IF 1.2 Q3 BUSINESS, FINANCE

Journal of Emerging Market Finance Pub Date : 2019-08-01 DOI:10.1177/0972652719846317

Vandana Bhama, P. K. Jain, Surendra S. Yadav

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引用次数: 6

摘要

本研究测试了处于不同债务水平的公司的等级顺序。研究结果表明，处于低债务水平的赤字公司会增加大量债务，从而表明其遵守了等级制度理论。处于异常高债务水平的赤字公司（来自两国）不会通过发行更少的债务来调整其资本结构。在盈余情况下，由于短期债务在其资本结构中占主导地位，处于非常高水平的中国公司会赎回大量债务。相比之下，如果印度盈余公司的现有债务水平极高，它们会犹豫是否赎回更多债务。JEL分类：Q14、G32

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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Pecking Order Test at Varying Debt Levels: A Comparative Study of Indian and Chinese Firms

The present study tests the pecking order of firms at varying debt levels. The findings indicate that deficit firms at low debt levels raise significant amounts of debt, thus indicating the adherence to the pecking order theory. Deficit firms (from both countries) at exceptionally high debt levels do not adjust their capital structure by issuing less debt. In a surplus situation, Chinese firms at very high level redeem the substantial debt because of the dominance of short-term debt in their capital structure. In contrast, Indian surplus firms hesitate to redeem more debt if their existing debt levels are extremely high. JEL Classification: Q14, G32

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来源期刊

Journal of Emerging Market Finance BUSINESS, FINANCE-

CiteScore

1.80

自引率

33.30%

发文量

期刊介绍： The Journal of Emerging Market Finance is a forum for debate and discussion on the theory and practice of finance in emerging markets. While the emphasis is on articles that are of practical significance, the journal also covers theoretical and conceptual aspects relating to emerging financial markets. Peer-reviewed, the journal is equally useful to practitioners and to banking and investment companies as to scholars.