Financing Constraints, Tunneling Motivation and Private Business Group
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| Title | Financing Constraints, Tunneling Motivation and Private Business Group
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| Author | Cai Weixing, Du Wencui, Gao Minghua and Zeng Cheng |
| Organization | |
| Email | peterxcai@126.com |
| Key Words | Financing Constraints; Tunneling Motivation; Private Listed Company; Business Group |
| Abstract | Using the data of 1281 private listed companies from 2007 to 2010, this paper examines the impacts of financial constraints and tunneling on business group. We find that, the less developed financial market is, the more likely private listed companies join business group; the bigger diverge between voting rights and cash flow rights, the more likely private listed companies join business group. This research is meaningful for investors, listed companies and the government. |
| Serial Number | WP155 |
| Time | 2012-02-14 |
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