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New Evidences of Chinese Micro and Small Enterprises Financing: Capital Structures and Human Capitals

Author

Listed:
  • Sen Wang
  • Jianjun Zou
  • Ning Zeng

Abstract

This paper investigates a sample of 100 MSEs across Guangdong province in China through a questionnaire survey to examine capital structures at start-up and expansion stages and characteristics of business, and herein tests theories in the context of financial management. Our findings provide substantial support for the pecking order theory and the financial growth cycle model. Results also explore new evidences that human capitals play a vital role for MSEs¡¯ accessing to external financial resources, which should be considered in the financing modelling as an important determinant.

Suggested Citation

  • Sen Wang & Jianjun Zou & Ning Zeng, 2016. "New Evidences of Chinese Micro and Small Enterprises Financing: Capital Structures and Human Capitals," Business and Economic Research, Macrothink Institute, vol. 6(1), pages 1-12, June.
    • Handle: RePEc:mth:ber888:v:6:y:2016:i:1:p:1-12
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    More about this item

    Keywords

    Micro and small enterprises; Financing; Capital structures;
    All these keywords.

    JEL classification:

    • R00 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General - - - General
    • Z0 - Other Special Topics - - General

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