Abstract：In this paper, listed firms’ financing decision is exported by studying the relationship between return variance of stock market and firms’ capital structure decision. The empirical study shows that the level of firm’s debt ration is positively correlated with return variance of stock markets, especially for nonstateowned firms. We also find out that the stateowned firms prefer to make stock investments by their own cash flows because they have light external financing constraints and are easy to bypass the government supervision.
吴文莉. 公司证券投资、所有权类型与资本结构决策关系研究[J]. J4, 2012, 9(7): 1046-.
WU Wen-Li. Security Investment, Ownership Type and the Capital Structure Decision of Chinese Listed Firms. J4, 2012, 9(7): 1046-.
2012, Vol. 9 
