黑色金属行业上市公司资本结构的影响因素研究  

Study on the Factors Influencing Capital Structure of Listed Ferrous Metal Companies

作　　者：刁伍钧[1] 扈文秀[1] 廖剑[2] 

机构地区：[1]西安理工大学工商管理学院,西安710054 [2]暨南大学管理学院,广州510632

出　　处：《管理评论》2009年第3期26-34,共9页Management Review

基　　金：陕西省教育厅专项科研计划基金项目(06JK082);西安理工大学特色研究计划项目(107-210711)

摘　　要：资本结构一直是财务领域研究的热点问题之一。尽管中西方许多学者对企业资本结构的影响因素作了很多研究,但由于现实经济的复杂性及各国经济的特殊性,因而实证检验的结果并不完全一致。本文在阐述资本结构实证研究成果的基础上,运用多元回归方法,研究黑色金属行业上市公司资本结构的影响因素。结果表明,显著影响黑色金属行业上市公司资本结构的因素是流动性和非债务税盾;其次是盈利能力、规模和股本结构。资产的担保价值显著影响黑色金属行业上市公司长期负债;税负水平对黑色金属行业上市公司流动负债的影响较为显著。而成长性、固定资产的投资增加率并不影响黑色金属行业上市公司资本结构决策。Capital structure is always one of the hot questions in Finance. Although there are many researches on factors influencing the capital structure of enterprises, there are differences among the results of these researches because of the complexity of the real economy and the diversity of economies. Based on the findings of the empirical study on the factors influencing capital structure, this paper researches the factors influencing capital structure of listed ferrous metal companies by the multiple retrogressive methods. The result shows that capital structure of listed ferrous metal companies is influenced remarkably by liquidity and non-debt tax shield. Secondly, it is influenced by profitability, scale and equity capital structure. The collateral value of asset influences remarkably the long-term debt of an enterprise. Tax burden level influences the short-term debt of an enterprise. But capital structure of listed ferrous metal companies isn＇t influenced by growth and investment increment rate of fixed assets.

关 键 词：黑色金属行业上市公司 资本结构 影响因素 

分 类 号：F406.7[经济管理—产业经济]