English (United Kingdom)

https://curated-unify.zendy.io/wp-json/zendy-region/v1/featured_content/oa?rat=en

https://curated-unify.zendy.io/wp-json/zendy-region/v1/highlighted_journal/

Global: Zendy Plus annual

Presents the access of premium content as premium feature

Premium Content

Presents the keyphrase highlighting as premium feature

Keyphrase Highlighting

Presents the summarisation as premium feature

Summarisation

Insights

Presents the pdf analysis as premium feature

PDF Analysis

Presents the zaia usage as premium feature

ZAIA

Global: Zendy Tools annual

Global: Zendy Free Plan

Global: Zendy Tools monthly

Global: Zendy Plus monthly

Using the data of all A-share listed companies from 2009 to 2018, we find that the group finance companies inhibit the dynamic adjustment speed of capital structure to their optimal level of the related listed companies. The reason is that the controlling shareholders may occupy the related deposits of listed companies in the finance companies. We find that the inhibition effect is more significant when the controlling shareholders’ shareholding ratio is low and the related party transactions are high, and is weakened after the implementation of the deleveraging policy. Moreover, the inhibition effect is significant in both the upward and downward adjustment processes. In addition, the finance companies make the deviation of capital structure of listed companies larger, and this effect is mainly reflected in upward deviation. We also find that the functions of finance companies will affect the dynamic adjustment of capital structure of listed companies.

Group Finance Companies and Dynamic Adjustment of Capital Structure of Related Listed Companies