煤炭行业上市公司资本结构影响因素的实证分析  

An Empirical Analysis of the Factors That Affect the Capital Structure of Listed Companies of Coal Industry

作　　者：刘晓[1] 韩丽红[1] 

机构地区：[1]河北经贸大学金融学院,河北石家庄832000

出　　处：《内蒙古财经学院学报》2012年第2期79-84,共6页Journal of inner Mongolia finance and economics college

摘　　要：以沪深两市29家煤炭行业上市公司为研究样本,采用因子分析和多元回归方法对煤炭行业上市公司资本结构的影响因素进行了实证研究,分析结果显示:资产流动性、成长性和盈利能力对资本结构的影响比较显著,企业规模、非债务税盾以及资产担保价值对上市公司资本结构的影响并不显著。并且成长性、非债务税盾、资产担保价值与公司的资本结构成正相关关系,其余变量则呈负相关关系。With 29 listed companies of coal industry in Shanghai and Shenzhen as samples, by adopting factor analysis and multiple linear regression, this paper carries out an empirical analysis to the factors that affect listed companies＂ capital structure of coal industry. The result shows that the influence of asset liquidity, growth and prof- itability on capital structure is rather remarkable and the influence of enterprise scale, non - debt tax shield and collateral value of assets on the capital structure of listed eompanied is not so remarkable. In addition, there exists positive relation between its growth, non - debt tax shield , collateral value of asset and the listed companies＂ asset structure. And the rest variables shows negative relationship.

关 键 词：煤炭行业上市公司 资本结构 资产流动性 资产成长性 资产盈利能力 企业规模 非债务税盾 资产担保值 

分 类 号：F602.9[经济管理—产业经济] F275.1