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Student
Title
Supervisor
Faculty
Educational Programme
Final Grade
Year of Graduation
Andrey Yakushin
Capital Structure in Partially State-Owned Firms
Corporate Finance
(Master’s programme)
2017
In my work, I focus on the capital structure of the companies with state ownership. This work describes how the government participation in the equity capital of the company influences its capital structure choices.

The focus of this work is on how financing decisions in SOEs of different countries are taken: the theoretical side of the capital structure decisions and real examples from OECD countries - China, Vietnam, the United Kingdom and Russian Federation.

This work is an attempt to mix both theoretical concepts and real cases from the field in the sphere of capital structure decisions in state-owned firms.

In this dissertation theoretical findings mixed with real examples from developed and developing markets. Bank loans as the third possible source of financing for the companies with state ownership described in theoretical part. Local opportunities covered. For example, Russian SOEs and their size, allowing them to enter the capital markets easier, Chinese companies, marked by the high control concentration. Empirical tests confirmed one hypothesis and rejected one.

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