商业环境
业务
约束(计算机辅助设计)
资本结构
产业组织
竞赛(生物学)
财务
首都(建筑)
透视图(图形)
工商管理
机械工程
债务
生态学
历史
考古
工程类
生物
人工智能
计算机科学
作者
Zehao Chen,Yibo Li,Yuyang Lin,Jingrui Pan
标识
DOI:10.1016/j.frl.2023.104461
摘要
This paper studied the impact of business environment on enterprise from the view of capital structure dynamic adjustment using the system-GMM. The results showed that a great business environment accelerates the adjusting speed of companies' capital structure. And the optimization of business environment could relief the financing constraint and reduce the cost of company. Additionally the business environment optimization effect on the speed of capital structure adjustment of non-state-owned enterprises, non-bank-related enterprises, and enterprises with high industry competition. These results show that continuous optimization of the business environment will provide a more "market-oriented and fair" financing environment for Chinese enterprises.
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