Earticle

초록

영어

The inflation often causes insecure impact on the capital structure, and the inflation is used as an important indicator of the economy state. To analyze the insecure impact of the inflation, an analysis model is proposed to reflect the inflation’s effect on the capital structure of the company, in this paper. We use the parameter CPI to measure the inflation. Because the inflation is a time series that affects the capital structure for a long time, we choose different CPIs for different time, i.e. the current month (CPI), three months ago (CPI3), six months ago (CPI6), one year ago (CPI12), half and one year ago (CPI18), and two years ago (CPI24). With the financial data of the companies listed in the Chinese stock market, we empirically testified the outcomes of this model. The results of this analysis show that only the increasing inflation or the decline of corporate income tax rate will increase the company's debt ratio. However, these two factors together will decrease the debt level of the company and cause the insecure financial impact.

목차

Abstract
 1. Introduction
 2. Analysis Model of Inflation’s Effect on Capital Structure
 3. Empirical Analysis
 4. Empirical Calculation Results
 5. Conclusion
 References

키워드

저자

• Chunlin Li [ Shanghai University of Engineering Science, Shanghai 201620, China ]
• Ming Zhang [ Management Institute, Donghua University, Shanghai 200051, China ]

참고문헌

발행기관

간행물

표지보기 관심저널 등록

• 간행물명

  International Journal of Security and Its Applications

• 간기

  격월간

• pISSN

  1738-9976

• 수록기간

  2008~2016

• 등재여부

  SCOPUS

• 십진분류

  KDC 505 DDC 605