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The empirical research of relationship between capital structure and corporation value

Prior evidence has demonstrated association between capital structure and corporation value. This paper extends literature by revising variables representing corporation value and proposing a link between ownership concentration and debt structure based on the data of Chinese listed companies from 2007 to 2010. With the comparison between companies of different types, results are as follows. Firstly, ownership concentration has a positive effect on non-state-owned corporation while an insignificant negative effect on state-owned corporation. Secondly, compared with that of state-owned, non-state-owned corporation has a more clear positive relationship with debt governance. Thirdly, the not statistically significant correlation between ownership concentration and debt maturity structure proves the impact of ownership concentration on corporation value cannot be a direct one. The research plays certain significance in revising capital structure.