国资委所属上市公司资本结构研究:啄食理论还是权衡理论  

Capital Structure of Listed Companies Authorized by SASAC: Pecking Order Theory or Trade-off Theory

作　　者：董淑兰 刘芮萌 

机构地区：[1]黑龙江八一农垦大学会计学院,黑龙江大庆163319

出　　处：《无锡商业职业技术学院学报》2017年第5期9-13,共5页Journal of Wuxi Vocational Institute of Commerce

基　　金：黑龙江省哲学社会科学研究规划年度项目(14B016);学成引进人才科研启动计划(XDB2012-11)

摘　　要：以国资委所属688家上市公司2012—2016年的数据为样本,基于啄食理论和权衡理论的差异,通过考察盈利能力、企业规模、企业增长率、有形资产率、股利支付率与财务杠杆的关系,以及滞后一期盈利能力、企业规模、股利支付率、财务杠杆与投资增长率之间的关系,研究企业资本结构。结果表明,国资委企业资本结构倾向于啄食秩序理论,即企业融资行为遵循内部融资、债务融资和股权融资的先后顺序。国资委下属上市公司不偏好股权融资,反映出国有上市公司企业融资的特殊性和资本市场的保守性。Taking as samples 2012-2016 data of the 688 listed companies authorized by State-owned Assets Supervision and Administration Commission of the State Council（SASAC）, and based on the differences between pecking order theory and trade-off theory, this paper studies company capital structure by taking into consideration the relationship between financial leverage and a firm＇s profitability, size, growth rate, tangible asset ratio, dividend payout ratio and financial leverage, and the relationship between investment growth rate and one-year-lagging profitability, firm size, dividend payout ratio, and financial leverage. The research shows that the companies authorized by SASAC prefer peck the order theory in terms of their capital structure, that is,companies prioritize their sources of financing, first preferring internal financing, and then debt, lastly raising equity. The fact these listed companies do not prefer to raise equity presents the specific financing characteristics of state-owned listed companies and conservatism of the capital market.

关 键 词：资本结构 啄食理论 权衡理论 

分 类 号：F275[经济管理—企业管理]