我国上市公司资本结构影响因素研究——基于内生性的视角  

Study on Factors Affecting Capital Structure of Listed Companies in China——Based on View of Endogenous Perspective

作　　者：陆珩瑱[1] 吕睿[1] 

机构地区：[1]南京航空航天大学经济与管理学院,江苏南京210016

出　　处：《南京航空航天大学学报（社会科学版）》2011年第3期27-33,共7页Journal of Nanjing University of Aeronautics & Astronautics（Social Sciences）

基　　金：教育部社科基金(10YJA790211);江苏教育厅社科基金(09SJD790028);南京航空航天大学基本科研业务费专项科研项目(NR2011005)

摘　　要：影响我国上市公司资本结构选择因素很多,在考虑内生性的基础上检验资本结构的影响因素。研究发现,公司绩效与负债水平负相关;不考虑内生性的估计结果明显高估了绩效与负债水平的负相关关系,引入工具变量估计得到的结果更为真实可靠。此外,公司规模、成长性、资产结构、非债务税盾、股权集中度等都是影响公司负债水平的重要因素。There are many factors affecting capital structure.Since the capital structure and corporate performance are mutually interactive,this paper estimates the multivariate linear model through the two-stage least-squares method（2SLS）,considering the issue of endogenesis.Result shows that corporate performance and debt level are negatively correlated,that the estimated results without taking into account endogenesis significantly overestimated the negative correlation between the level of performance and liabilities,and that estimated results obtained by introducing instrumental variables are more reliable.In addition,company size,growth,equity structure,non-debt tax shield,and ownership concentration are all factors influencing the company＇s indebtedness level.

关 键 词：资本结构 内生性 面板数据 

分 类 号：F275[经济管理—企业管理]