题目: Ownership, Institutions, and Capital Structure: Evidence from Chinese Firms 演讲者： Dr Li Kai，Sauder School of Business, University of British Columbia 时间:   2006年11月22日（星期三）3：00—4：30 PM     地点:         嘉庚二513 参加者:      对财务研究有兴趣的广大师生 主持人：   孙谦教授 报告论文摘要: We employ a new firm-level data set to study the capital structure and debt maturity choices of Chinese firms. We show that ownership structures exert strong influences on individual firms’ capital structure decisions. Specifically, state ownership is positively associated with leverage, while foreign ownership is negatively associated with leverage. State ownership is also positively associated with firms’ access to long-term debt. Disparities in regional institutional development matter. More competitive banking sectors are associated with more short-term lending, consistent with the banks’ monitoring incentives. Better legal environments are negatively associated with leverage and local firms’ access to long-term debt, suggesting the availability of alternative financing channels. The combination of ownership structures and institutional factors explains up to six percent of the total variation in firms’ leverage decisions, while firm characteristics alone explain no more than thirteen percent of the variation. Ownership structures and institutional environments affect large and small firms differently, and our evidence suggests that small firms do not benefit as much as large firms from better institutions. 论文作者简介： Dr. Li holds the W.M. Young Endowed Chair in Finance (Associate Professor of Finance) at the Sauder School of Business, and has held various visiting positions at the MIT Sloan School of Management, Tuck School of Business, Hong Kong University of Science and Technology, and Cheung Kong Graduate School of Business. Dr. Li currently holds a three-year grant from the Social Sciences and Humanities Research Council of Canada to examine institutional investors, CEO compensation, and corporate takeovers. She is the recipient of the 2002 Barclays Global Investors Canada Research Award. Dr. Li studies the economic consequences of corporate governance mechanisms. Her research focuses on: (1) the interaction between managerial incentives and corporate mergers and acquisitions, and (2) the role of boards and institutional investors in corporate governance. She also examines the differences in corporate governance requirements in Canada and the United States. Her research has appeared in Journal of Finance, Journal of Financial Economics, Journal of Financial and Quantitative Analysis, Journal of Empirical Finance, Canadian Investment Review, Managerial Finance, Journal of Econometrics, Journal of Business and Economic Statistics, Journal of Applied Econometrics, Statistics in Medicine, Journal of Population Economics, Current Issues in Economics and Finance, Economics Letters, and Research in Official Statistics. At the Sauder School, Dr. Li has taught capital structure, valuation, and securities analysis at the MBA level and empirical corporate finance at the PhD level. She also taught international finance at Xi’an Jiaotong University’s EMBA program. Dr. Li received her BS in International Business from Xi’an Jiaotong University in China, MA in Economics from Concordia University, and PhD in Economics from the University of Toronto.