区域因素影响下我国上市公司资本结构动态调整研究  

Research on Dynamic Adjustment of Capital Structure of Listing Corporation in China under the Influence of Regional Factors

作　　者：金桂荣[1] 

机构地区：[1]天津科技大学经济与管理学院,天津300222

出　　处：《中国软科学》2016年第7期125-133,共9页China Soft Science

基　　金：天津市哲学社会科学研究规划项目(TJGL15-032)

摘　　要：资本结构动态调整是资本结构优化的必然过程,而区域因素是影响资本结构及其动态调整的重要因素。本文针对影响上市公司资本结构的区域因素,构建动态调整模型,利用中国上市公司2001-2014年的数据进行研究。结果表明:经济发展水平、经济增长速度、法律环境三个区域因素对上市公司资本结构及动态调整具有显著影响,地方政府配置资源比重这一区域因素对上市公司资本结构及动态调整影响不显著。不同省份资本结构及动态调整速度存在显著差异,东部省份资产负债率普遍低于中西部省份,且资本结构调整速度较快。基于提高企业资本配置效率、优化资本结构的考虑,针对以上研究结论,本文提出了相应的建议措施。The dynamic adjustment of capital structure is the inevitable course of capital structure optimization, regional factors are the important factors that affect the capital structure and its dynamic adjustment. In this paper, a dynamic panel model is constructed according to the regional factors that affect the capital structure of listing Corporation. The paper uses Chinese listed companies in 2001 - 2014 years of data to research. The results show： the economic development level and the economic growth rate and the legal environment have a significant impact on the capital structure and dynamic adjustment of the listing Corporation, local government allocation of resources is not significant to impact on the capital structure. There were significant differences in the capital structure of different provinces and the speed of dynamically adjustment. The assets and liabilities of the eastern provinces are generally lower than that in the central and western provinces, and the recapitalization is faster. Based on the considerations of improving the capital allocation efficiency, this paper presents recommendations accordingly.

关 键 词：上市公司 资本结构 区域因素 动态调整 

分 类 号：F061.5[经济管理—政治经济学]