International Conference on Construction and Real Estate Management 2019
An Empirical Study on the Factors Influencing the Capital Structure of PPP Projects
Publication: ICCREM 2019: Innovative Construction Project Management and Construction Industrialization
ABSTRACT
In PPP project, capital structure is the core point to balance the risks and interests of all parties. Based on the analysis of the company’s capital structure theory and the characteristics of PPP projects, this paper summarizes six possible influencing factors, and through the method of multiple linear regression, the major factors affecting the capital structure of the projects are identified. The research results show that the financial support of government and the aversion to high leverage by related parties make the project company have a lower debt level, while the project risks and non-debt tax shield are positively correlated with project’s debt level. Project profitability and project size have no significant influence on the capital structure. And the influencing factors of PPP project capital structure have the certain difference between different industries.
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Information & Authors
Information
Published In
ICCREM 2019: Innovative Construction Project Management and Construction Industrialization
Pages: 362 - 369
Editors: Yaowu Wang, Ph.D., Harbin Institute of Technology, Mohamed Al-Hussein, Ph.D., University of Alberta, and Geoffrey Q. P. Shen, Ph.D., Hong Kong Polytechnic University
ISBN (Online): 978-0-7844-8230-8
Copyright
© 2019 American Society of Civil Engineers.
History
Published online: Aug 29, 2019
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