Master of Science (MS)
First Committee Member
Number of Pages
Although financial structure is crucial to company's sustainable development, rarely any efforts have been made to investigate financial structure in a Chinese hospitality industry setting. This thesis first explores financial structure of Chinese hospitality firms by using panel-data analysis; All listed hospitality firms in China are included in the data sample. The study uses three methods to measure financial structure. They are total leverage ratio, long-term leverage ratio and short-term leverage ratio. Seven determinants, namely, firm size, growth, business risk, profitability, asset structure, listing years and state ownership structure are used to explain variations in leverage ratios. The result of the regression analysis reveals that firms with great profits and high risk level rely less on debts. Short-term and total leverage ratios decrease with the variable of firm size. Listing years impact firm's long-term leverage ratio negatively; It is obvious that conventional financial structure theories based on developed economies are applicable to Chinese hospitality companies, but their explanatory power is limited, given Chinese hospitality firms distinctive features.
Chinese; Companies; Determinants; Evidence; Financial; Hospitality; Listed; Structures
University of Nevada, Las Vegas
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Jiang, Hong, "The determinants of financial structure: Evidence from Chinese listed hospitality companies" (2008). UNLV Retrospective Theses & Dissertations. 2293.