行业特征与资本结构研究  

Research on Industry Characteristic and Capital Structure

作　　者：童光荣[1] 胡耀亭[1] 肖作平[2] 

机构地区：[1]武汉大学商学院 [2]重庆大学经济与工商管理学院

出　　处：《经济管理》2005年第8期83-89,共7页Business and Management Journal ( BMJ )

摘　　要：本文采用参数和非参数检验和描述性统计方法,对中国上市公司的行业特征与资本结构之间的关系进行了系统研究。研究发现,中国受管制行业的资产负债率、流动负债率很低,但长期负债率较高;不同门类行业间的资本结构存在显著差异,同一行业门类内不同行业大类公司间的资本结构不存在显著差异,这些差异大部分是属于行业差异而非年度差异,表明中国上市公司存在最优资本结构。The paper applies parametric and non-parametric test,descriptive statistics to systematically study the relation between industry characteristic and capital structure.Our study finds that:The ratios of total debt,short-term debt of Chinese regulated industries are very low,but that of long-debt is high.There is a significant industry difference in capital structure between firms in difference industries,but there isn't a significant difference in capital structure between firms in a given industry,these differences are mostly attributable to industry differences rather than yearly difference,implying the existence of an optimal capital structure in Chinese Listed Companies.

关 键 词：上市公司 资本结构 行业特征 

分 类 号：F276.6[经济管理—企业管理]