@article {1554251,
	title = {Supply-Side Structural Reform and Dynamic Capital Structure Adjustment: Evidence from Chinese-Listed Firms},
	journal = {Pacific-Basin Finance Journal},
	volume = {65},
	year = {2020},
	abstract = {
	The literature extensively discusses the increasing commitment toward comprehensive structural reform of China{\textquoteright}s economy as it targets to achieve high quality and sustainable economic growth. This research investigates the inherent relationship between supply-side structural reform (SSSR) and dynamic capital structure adjustment in Chinese-listed firms. Our results show that SSSR{\textquoteright}s introduction has significantly improved the adjustment speed toward the optimal debt ratio, especially for firms with high indebtedness and low investment performance. Importantly, China{\textquoteright}s bond market plays a crucial role through SSSR for firms{\textquoteright} debt ratio to adjust toward their optimal level. However, there is no such evidence among state-owned enterprises (SOEs), suggesting that the structural reform concerning corporate capital structure for SOEs is more challenging and longstanding when compared with non-SOEs.

},
	url = {https://doi.org/10.1016/j.pacfin.2020.101482},
	author = {Shen, Jim Huangnan}
}
