An Investigation of Inter-industry Difference on Capital Structure: The Case of Chinese Listed Corporations

摘要

At present, most of the researches on capital structure of industry difference are focused on listed corporation before the reform of non-tradable shares. This paper discusses the inter-industry difference of capital structure and its causes in Chinese listed corporations during 2007-2012. The investigation has been performed by using Kruskal-Wallis H non-parametric test, least-significant difference test and panel data regression. The results show that there are universal inter-industry differences among Chinese listed corporations' capital structure and the differences become more and more significant over time.