The Impact of Ownership Structure on the Capital Structure of Chinese Listed Companies

Xinyan Yu

doi:10.47297/wspdecWSP2515-797318.20250907

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The Impact of Ownership Structure on the Capital Structure of Chinese Listed Companies

Volume 9, Issue 7

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The Impact of Ownership Structure on the Capital Structure of Chinese Listed Companies
The Impact of Ownership Structure on the Capital Structure of Chinese Listed Companies
International Business School, Xi'an Jiaotong-liverpool University, Suzhou, Jiangsu, 215123, China
Vol. 9, Issue 7, Pages: 93-100(2025)
Published：30 July 2025
DOI：10.47297/wspdecWSP2515-797318.20250907
Accepted：

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Yu Xinyan.The Impact of Ownership Structure on the Capital Structure of Chinese Listed Companies[J].Development Economics of China,2025,09(07):93-100.
DOI：

Yu Xinyan.The Impact of Ownership Structure on the Capital Structure of Chinese Listed Companies[J].Development Economics of China,2025,09(07):93-100. DOI： 10.47297/wspdecWSP2515-797318.20250907.

摘要

Abstract

In corporate governance research

the relationship between ownership structure and capital structure has always been a key focus for scholars. A-share businesses that are listed on the stock exchanges in Shenzhen and Shanghai in 2023 were examined as the research object to explore the impact of the proportion of external block shareholder shareholdings and management shareholdings on corporate capital structure. This paper employs a fixed effects model for empirical analysis and further conducts subgroup regression analysis based on state-owned businesses and businesses that are not state-owned. The empirical results indicate that the external large shareholders' stock holding ratio has a significant impact on the capital structure of a company. However

the management's equity holding ratio has a significant influence on the long-term leverage ratio but has no significant effect on the overall leverage ratio. The findings of this study enrich the existing research on the relationship between ownership structure and capital structure

providing empirical evidence for corporate financing decisions and the optimization of governance structures for company directors.

关键词

Keywords

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