家族上市公司资本结构特征的实证分析  

An Empirical Research on the Features of Capital Structure of Family Controlled Companies

作　　者：马春爱[1] 杨贺[1] 

机构地区：[1]西安交通大学管理学院,陕西西安710061

出　　处：《统计与信息论坛》2005年第3期46-50,共5页Journal of Statistics and Information

摘　　要：文章通过对家族上市公司资本结构特征的实证分析表明:家族上市公司的负债水平高于上市公司总体的负债水平,并且有不断上升的趋势。从负债结构来看,存在着过分依赖短期负债融资,长期负债比例严重失衡的现象。进一步研究表明:上市方式、行业竞争程度会影响公司的负债水平,并且前者显著影响了公司的短期负债倾向,后者显著影响了公司的有息负债倾向,而行业、地域对负债水平以及负债倾向的影响并不显著。This paper studies characteristics and factors affecting capital structure of listed companies which are controlled by a family. We find they have a higher financial leverage than the average level of the listed firms as a whole, and have a gradual up-ward trend. Their liability structure shows they rely heavily on short-term liability financing and long-term liability is in the condition of unbalance. Furthermore, we find that industry, geographical location, and debt tendency have less effect on capital structure, but the listing way, degree of competition inside industry play an important role in capital structure. The former affects company's short-debt tendency, and the latter has effect on the tendency of long term debt. 

关 键 词：资本结构 上市方式 行业竞争程度 

分 类 号：F279.24[经济管理—企业管理]