无形资产对公司资本结构的影响研究  

A Study on the Influence of Intangible Assets on the Capital Structure of the Company

作　　者：夏雪花[1] 宫义飞[2] 李亮[3] XIA Xuehua;GONG Yifei;LI Liang(Accounting School, Nanjing University of Finance and Economics,Nanjing, Jiangsu 210023, China;School of Economics and Management, Southwestern University, Chongqing 400715, China;School of Finance, Southwestern University of Finance and Economics, Chengdu, Sichuan 611130, China)

机构地区：[1]南京财经大学会计学院,江苏南京210023 [2]西南大学经济管理学院,重庆400715 [3]西南财经大学金融学院,四川成都611130

出　　处：《财经理论与实践》2017年第6期64-69,共6页The Theory and Practice of Finance and Economics

基　　金：江苏省教育厅高校哲学社会科学基金项目(2016SJB630036);江苏高校优势学科建设工程资助项目(PAPD);江苏高校品牌专业建设工程资助项目;南京财经大学校级科研项目(KYC201619);2016年西南大学中央高校基本科研业务费专项资金重点项目(SWU1609122)

摘　　要：针对无形资产是否可以起到有效的债务支持替代作用进而影响企业资本结构这一当前少有文献实证探讨的问题,结合我国实际融资环境实证分析无形资产对企业负债水平及资本结构的影响程度和机制。研究发现,企业无形资产投入与负债支持能力及资产负债率显著正相关,实际上发挥出了对有形资产债务支持的替代作用。With the development of knowledge economy,the investment of intangible assets in enterprises has been paid more and more attention,and the impact of the intangible assets to organizational behavior also draws the concern of researchers.However,few studies have explored the influence of intangible assets on the capital structure of enterprises.This paper takes into account the actual financing environment of our country,and empirically study the influence degree and mechanism of intangible assets on the corporate debt level and capital structure.The results show that the intangible assets investment has a significant positive correlation with the enterprise's liability and asset liability ratio,and play an irreplaceable role in the ability of tangible assets debt support.

关 键 词：无形资产 资本结构 财务杠杆 融资能力 

分 类 号：F830.9[经济管理—金融学]