商业风险、行业属性对资本结构的影响  

Business Risk,Industry Attributes,and Capital Structure

作　　者：王鲁平[1] 陈金贤[1] 

机构地区：[1]西安交通大学管理学院,陕西西安710049

出　　处：《西安交通大学学报（社会科学版）》2007年第4期35-40,共6页Journal of Xi'an Jiaotong University：Social Sciences

基　　金：国家自然科学基金项目(70371036);国家"985二期"工程项目(07200701)

摘　　要：通过对制造业上市公司2001年和2003年横截面数据的回归分析,检验了商业风险和行业变量对资本结构及其决定因素的影响。研究发现:中国上市公司的商业风险与负债水平呈线性负相关,二次关系不显著;商业风险的引入对财务困境成本与资本结构的关系有显著影响,而行业变量的影响不显著;股东权益报酬率、可担保资产价值和资产规模是影响上市公司资本结构的主要因素,且股东权益报酬率与负债水平负相关,可担保资产价值和资产规模均与负债水平正相关。Through a regression analysis of the cross-sectional data in 2001 and 2003 of the listed manufacturing industry companies, this paper examines the influence of business risk and industry variables on capital structure and its determining factors. This study shows that the business risk of the listed companies in China has a linear negative relationship with the level of the liabilities; the binary relation is not significant; the introduction of business risk has a marked influence on the relationship between financial distress cost and capital structure; but the influence of the industry variables is not that obvious. Meanwhile, the shareholder＇s equity return ratio, collateral value of assets, and scale of assets are main factors influencing the firm capital structure. The research also shows that the shareholder＇s equity return ratio has a negative relationship with the level of the liabilities, whereas both the collateral value of assets and the scale of assets are positively related to the liabilities.

关 键 词：资本结构 资本结构影响因素 商业风险 行业属性 

分 类 号：F830.9[经济管理—金融学]