摘要：This study is designed to exam if the second reform of corporatization completed at the end of 2008 has shed any new light on the determinants of capital structure, based on both financial and human resource factors of Chinese A-share listed firms using panel regression model with data of 2007-2011. Our result empirically shows that the capital structure of A-share listed firms in China is still dominated by its old style by holding relative low debt. The long-term liabilities, in particular, is lowly financed while the short-term liabilities contribute to the main source for debt leverage. Our investigation also shows that the debt choice of firms is negatively affected by last year’s profitability and current year’s dividend payment while it is positively associated with firm size, growth, and effective tax rate. We also show that employee productivity does not affect firms’ financial behavior of debt leverage of Chinese A-share listed companies as the findings are derived from the experience of developed economies.
关键词：Capital Structure; Pecking Order Theory; Static Trade-off Theory; Employee Productivity
