中国上市公司资本结构趋势研究  

Research on Trend of Capital Structure of China A-share Listed Company's

作　　者：孙青霞[1] 

机构地区：[1]天津财经大学商学院,天津300222

出　　处：《经济问题》2011年第8期38-40,共3页On Economic Problems

基　　金：国家自然科学基金"中国上市公司融资行为异化与治理研究"(70940010);天津财经大学科研发展基金项目(Y0905)

摘　　要：分行业分析了中国A股上市公司1990~2009年资本结构的变化。结果表明：中国A股上市公司资产负债率的行业均值呈递增趋势;不同行业上市公司的资产负债率具有显著差异,资产负债率高（45%~70%）的行业为建筑业、房地产业、批发和零售贸易业、制造业,资产负债率低（22%~45%）的行业为采掘业、交通运输仓储业、社会服务业;新上市公司的资产负债率水平较高,以后年度相对降低,这说明上市公司具有较强的股权融资偏好。最后分析了这一现象产生的原因并提出建议。This paper analyzes the changes of capital structure in China A-share listed company＇s 1990~2009 by industry.The industry average capital structure of Chinese A-share listed companies was increasing trend.There was a significant difference about different industries capital structure of listed companies.The industries of high asset-liability ratio are： construction,real estate,wholesale and retail trade,and manufacturing（45%~70%）.The industries of low asset-liability ratio are extractive industries,transportation and warehousing industry,social services（22%~45%）.There was a higher asset-liability ratio in IPO,in subsequent years will be relatively lower,indicating that listed companies have strong preferences for equity financing.Finally,this paper analyzes the causes of this phenomenon and puts forward some suggestions.

关 键 词：资本结构 资产负债率 平均趋势 

分 类 号：F830.91[经济管理—金融学]