Does Working Capital Financing Structure Affect Firm Value? --- An Empirical Research Based on Data of China’s A-Share Listed Companies

Autor:	Minghu Wang, Hongjing Zhou
Rok vydání:	2022
Předmět:	General Medicine
Zdroj:	International Journal of Economics and Finance. 14:9
ISSN:	1916-9728 1916-971X
Popis:	In this paper, we use financial data of Chinese listed companies from 2010 to 2020 to explore the relation between working capital financing structure and firm value under certain monetary policy and macro economy situation. We find that when monetary policy expands, the use of aggressive working capital financing structure is conducive to value maximization; when the macroeconomic situation is good, the aggressive working capital financing structure helps to improve firm value. Further study finds that monetary policy expansion urges firms to use more short-term debt to cut capital cost, and better macroeconomic situation can cut firm’s bankrupt cost to bring down working capital financing structure and improve firm value.
Databáze:	OpenAIRE
Externí odkaz:	https://explore.openaire.eu/search/publication?articleId=doi_________::d971ec5843934a9716b0cb0674b96293 https://doi.org/10.5539/ijef.v14n9p9 Zobrazit plný text záznamu