企业属性与市场环境对资产负债率的影响研究:基于A股上市公司的分析  

Corporate Property and Market Environment Effect on Leverage Ratio:an analysis of Chinese a-share market

作　　者：朱宏泉[1] 王楠[1] 刘珈菱[1] 

机构地区：[1]西南交通大学经济管理学院,四川成都610031

出　　处：《数学的实践与认识》2013年第13期78-84,共7页Mathematics in Practice and Theory

基　　金：国家自然科学基金(71171170;71273040);中央高校基本科研业务费专题项目(A0920502051113-67)

摘　　要：以我国A股上市公司2006-2010年的数据为样本.运用单变量分析及多元回归分析模型检验企业属性与市场环境的差异对上市公司资产负债率的影响.研究发现,国有企业由于社会责任和产权主体缺位使其资产负债率低于非国有企业;企业的资产负债率先会随市场环境的改善和外部融资能力的增强而升高,而后因竟争风险的加大而降低,呈倒"U"型.On the basis of listed compang＇s data feom 2006, using univariate analysis and multi variate regression model to explore its impact on capital structure from the perspective of corporate property and market environment. The study shows that corporate leverage of state-owned enterprises is lower than that of non-state-owned enterprises as a result of the lack of social responsibility and main property. As market environment improves, the tendency of leverage ratio shows descending following its ascending due to the enhancedexternal financing capacity and competing risks, demonstrating inverted ＂U＂ shape.

关 键 词：资产负债率 上市公司 市场环境 公司属性 

分 类 号：F224[经济管理—国民经济] F832.51F275