中国上市公司资本结构特征分析  

Analysis of Capital Structure Characteristics of Chinese Listed Companies

作　　者：肖作平[1] 

机构地区：[1]清华大学经济管理学院,北京100084

出　　处：《运筹与管理》2006年第1期66-72,共7页Operations Research and Management Science

基　　金：国家自然科学基金资助项目(70472048);中国博士后科学基金资助项目(2005038065)

摘　　要：本文从中国上市公司平均资产负债表、融资趋势、外部融资来源比较和融资行为等方面对上市公司资本结构特征进行分析。发现中国上市公司资本结构中负债比重偏低,流动负债比重偏高,长期负债比重偏低;中国上市公司过分依赖外部融资,在外部融资中以权益融资为主,存在强烈的股权融资偏好。This paper analyses the characteristics of capital structure of Chinese listed companies from average balance sheet, financing trend, external financing source comparison and financing behaviors et al. The study finds that, the debt percentage in Chinese listed companies capital structure is relatively low, while the shortterm debt percentage is high, and the ratio of long-term debt is low. Chinese listed companies excessively depend on external financing. There are mainly equity financing in external financing and they have a keen preferences for equity financing.

关 键 词：企业管理 股权融资偏好 描述性统计 资本结构 

分 类 号：F830.91[经济管理—金融学]